EUR/USD: Looks Poised To Ease Up For Further Potential Declines
ORBEX | Mar 31, 2015 01:51AM ET
EUR/USD Daily Pivots
R3 - 1.0966
R2 - 1.0930
R1 - 1.0881
Pivot - 1.0845
S1 - 1.0796
S2 - 1.0760
S3 - 1.0711
EUR/USD looks poised to ease up for further potential declines today after price saw a very consolidating price action yesterday. Breaking out from the rising price channel, EUR/USD briefly tested the levels near the breakout at 1.08285 to decline to 1.0795. The next major target for EUR/USD comes in at 1.07302 followed by 1.06344 levels. To the upside, price is likely to struggle to break above 1.089 levels, but if the resistance is broken, we could expect price to climb back into the price channel to eventually test the previous highs at 1.10284.
USD/JPY Daily Pivots
R3 - 121.599
R2 - 120.916
R1 - 120.49
Pivot - 119.806
S1 - 119.381
S2 - 118.697
S3 - 118.272
USD/JPY has managed to keep its gains bouncing sharply off the 118.414 levels. Price action is back to the resistance at 120.465, which could be tested. A break above this resistance will see the next technical level at 120.761. Only a break of these two resistance levels will put USD/JPY back into bullish territory, and a failure to clear the resistance levels will see USD/JPY probably test back the lows of 118.414 levels.
GBP/USD Daily Pivots
R3 - 1.5038
R2 - 1.4968
R1 - 1.4889
Pivot - 1.4821
S1 - 1.4741
S2 - 1.4672
S3 - 1.4591
GBP/USD cleared the support at 1.482 but is still trading close to this support level. A test of resistance could see GBP/USD aim for 1.47225. Any upside moves will see GBP/USD back to the previous range highs and lows of 1.495 and 1.482. To the downside, a break below 1.47225 will clear the way for a dip to 1.46351. All in all, GBP/USD is currently in a very sideways price action with no directional bias in store.
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