EURUSD, GBPUSD, USDJPY Pivot Points, TA – May 11 2015

EURUSD Daily Pivots

R3 1.1381
R2 1.1335
R1 1.1270
Pivot 1.1224
S1 1.116
S2 1.1114
S3 1.1049

 

EURUSD failed to break above 1.13575 and saw a reversal from this resistance level. Price action also broke below 1.12547 and outside the rising price channel and is currently trading at 1.117. A break below this level will see EURUSD target 1.1 price zone, which could turn into a potential support. But, failure to hold prices near 1.1 would see EURUSD turn bearish, targeting 1.08206 in the near term. To the upside, price will now have to struggle to break above the previously broken support levels.

USDJPY Daily Pivots

R3 120.754
R2 120.494
R1 120.114
Pivot 119.854
S1 119.474
S2 118.214
S3 118.834

USDJPY has managed to hold on to the rising price channel and looks poised to break above 120.28 levels. There seems to be a small support at 119.65 which should see a close above 120.036 and 120.281. To the upside, 120.78 now seems like the resistance level in focus. A break from the price channel however will see USDJPY once again fall to test 118.98.

GBPUSD Daily Pivots

R3 1.5854
R2 1.5688
R1 1.5572
Pivot 1.5407
S1 1.5291
S2 1.5125
S3 1.5009

GBPUSD eventually saw a close near 1.55 region and currently looks to be forming a potential bull flag or pennant pattern. If this pattern is validated, GBPUSD could eye above 1.57 levels. However, a break of the resistance near 1.5538 – 1.55 is needed and preferably a test of support at these levels before price can

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