EURUSD, GBPUSD, USDJPY TA, Pivot Points – May 4 2015

EURUSD Daily Pivots

R3 1.1387
R2 1.1338
R1 1.1272
Pivot 1.1222
S1 1.1156
S2 1.1107
S3 1.1041

EURUSD has formed a bearish reversal pattern near the highs of 1.1268 identified by the doji and followed by the bearish candlestick. Price action at this point is still above 1.117 level. A break of this support could see price decline to test the previous lows near 1.1005 with the potential to decline further to 1.08505 support. To the upside, only a break above the recent high at 1.1268 will validate any further gains given that the support at 1.117 holds.

USDJPY Daily Pivots

R3 121.416
R2 120.846
R1 120.496
Pivot 119.933
S1 119.583
S2 119.021
S3 118.671

USDJPY broke out of the falling price channel after briefly testing lows at 118.51. We expect this bullish momentum to continue following a dip to 120.036 or down to the daily pivot level. If support holds, USDJPY could target 120.78 upon break of 120.26. Alternatively, if 120.036 fails to hold prices, USDJPY could dip lower to 119.65, which should provide the much needed support to propel the currency higher against the Yen.

GBPUSD Daily Pivots

R3 1.5615
R2 1.5505
R1 1.5331
Pivot 1.5223
S1 1.5049
S2 1.4939
S3 1.4765

GBPUSD broke down from its rising price channel and looks to be currently retracing some of its losses. A retest to 1.528 or to the daily pivot will see prices decline further potentially targeting 1.501 and eventually the 1.50 psychological level. A break below 1.5 will however see GBPUSD decline lower to 1.4725 levels.

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