GBP/USD Continues To Trend Lower And Close To The Support At 1.5335
ORBEX | Mar 04, 2015 02:44AM ET
EUR/USD Daily Pivots
R3 - 1.1272
R2 - 1.1244
R1 - 1.1209
Pivot - 1.1181
S1 - 1.1146
S2 - 1.1118
S3 - 1.1083
EUR/USD's failure to rise above the short term peak at 1.12335 resulted in price falling down to test the previous support at 1.11625. Price action has formed a descending triangle pattern which gives a downside target to 1.112 on break out below the support at 1.11625. However is the support holds, we could see another test back to 1.12335 and higher towards 1.1277 levels. The short term and longer term bias both pointing to the downside, we except EUR/USD to turn lower after staging short rallies.
USD/JPY Daily Pivots
R3 - 121.084
R2 - 120.677
R1 - 120.201
Pivot - 119.793
S1 - 119.317
S2 - 118.902
S3 - 118.433
USD/JPY fell back from the highs of 120.159 but we expect a more clear dip towards 119.3, the daily support level. Here, price declines are also supported by the lower trend line of the price channel. A dip to 119.3 will see a renewed momentum build up targeting the previous highs to 119.76. A break out from the lower trend line will see USD/JPY test the previous support at 118.414 levels.
GBP/USD Daily Pivots
R3 - 1.5444
R2 - 1.5420
R1 - 1.5391
Pivot - 1.5367
S1 - 1.5338
S2 - 1.5314
S3 - 1.5284
GBP/USD continues to trend lower and close to the support at 1.5335. If the support gives way, GBP/USD could then target the next support at 1.52585 level. To the upside, if the support holds, a rally back to 1.55 cannot be ruled out.
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