EUR/USD Continues To Consolidate
ORBEX | Mar 26, 2015 03:58AM ET
EUR/USD Daily Pivots
R3 - 1.1136
R2 - 1.1075
R1 - 1.1023
Pivot - 1.0961
S1 - 1.0909
S2 - 1.0847
S3 - 1.0795
EUR/USD continues to consolidate after breaking out from what looks like an ascending wedge/triangle pattern. As long as the previous high at 1.10284 is not broken, we can expect a break down towards the initial support at 1.089 followed by an eventual dip to 1.07302. The lower trend line of the rising price channel could however support the declines making the descent to 1.07302 a bit choppy.
USD/JPY Daily Pivots
R3 - 120.386
R2 - 120.105
R1 - 119.788
Pivot - 119.514
S1 - 119.198
S2 - 118.917
S3 - 118.608
USD/JPY weakened into early trading session today with the currency pair currently trading near the lows of 119 levels after breaking down from 120.16. There was no retracement to this level and the current declines are likely to stall near 118.414 levels from where we could expect to see a small bounce.
GBP/USD Daily Pivots
R3 - 1.5071
R2 - 1.5012
R1 - 1.4948
Pivot - 1.4889
S1 - 1.4826
S2 - 1.4767
S3 - 1.4701
GBP/USD has shown no signs of break out just as yet with the currency pair still ranging between 1.495 and 1.482. The multiple test of resistance at 1.495 is however indicative of a dip lower to 1.482. A break below 1.482 will see a test to 1.47225 and 1.46351 eventually. To the upside, a break out above 1.495 will see a test to 1.50 psychological level.
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