EURUSD, GBPUSD, USDJPY Pivot Points, TA – April 13 2015

EURUSD Daily Pivots

R3 1.0779
R2 1.0731
R1 1.0663
Pivot 1.0615
S1 1.0547
S2 1.0499
S3 1.04313

 

EURUSD continues it descent after the major support at 1.06344 was broken. Price action has printed a bearish triangle, a continuation pattern that could see further downside moves in the EURUSD. The next major support for EURUSD comes at 1.05068 levels, but the test to this level comes from outside of the median line which could indicate that a potential bounce to the upside is likely, which could see a retest back to 1.06344.

If price action fails in its move to the downside, EURUSD could attempt to break above 1.06344 which paves way for a test to 1.0777.

USDJPY Daily Pivots

R3 121.122
R2 120.871
R1 120.553
Pivot 120.302
S1 119.978
S2 119.727
S3 119.409

USDJPY has been consolidating, forming a triangle/ascending wedge pattern, this indicates a potential downside move is likely. However, a break below 120.263 is essential to anticipate any moves to the downside. There is also the trend line from the falling price channel that could act as support. Regardless, a break out from the ascending wedge could see USDJPY drop lower towards 119.045, the initial support level. Only a break above the recent highs at 120.7 will see a continuation to the upside.

GBPUSD Daily Pivots

R3 1.4847
R2 1.4786
R1 1.4709
Pivot 1.4645
S1 1.4572
S2 1.4511
S3 1.4434

GBPUSD eventually broken down below 1.475 levels and briefly tested the levels to 1.472 for resistance before declining further to 1.4635. Price has been trading within a falling channel and currently looks to have stalled near 1.4635. Further declines could be in store for GBPUSD unless we see a breakout from the price channel,  that could attempt another test to 1.468.

Get the 5 most predictable currency pairs

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.