EURUSD, GBPUSD, USDJPY Pivot Points, TA – Jan. 15 2015

EURUSD Daily Pivots

R3 1.1965
R2 1.1905
R1 1.1846
Pivot 1.1786
S1 1.1728
S2 1.1667
S3 1.1609

 

EURUSD was marked by very choppy price action yesterday. But failure to stay above 1.18 levels is indicative that we could see the resumption of the bearish declines. We would need to see a close below 1.175 to be convinced of a continued move to the downside, targeting 1.17 and 1.168. If price action continues to be choppy, we could expect a possible rally back to test the 1.18 levels and eventually push higher towards 1.20

USDJPY Daily Pivots

R3 120.049
R2 119.004
R1 118.166
Pivot 117.121
S1 116.283
S2 115.238
S3 114.4

USDJPY managed to turn around after dipping to 116.076 levels upon breakdown from the price channel. Price however was quick to rebound from the lows to rally and close back into the price channel. The current rally could potentially be capped near the support/resistance level of 118.065, which should set the stage for a renewed decline with the potential to break lower testing 116 – 115.85 levels. On the other hand, a close above 118.212 will see a bullish rally that could reach towards 118.87 levels.

GBPUSD Daily Pivots

R3 1.5407
R2 1.5338
R1 1.5284
Pivot 1.5215
S1 1.5161
S2 1.5092
S3 1.5038

GBPUSD is gradually pushing higher after yesterday’s candle closed in the green. A retest to the daily pivot level at 1.5215 for support could establish higher gains for the Cable as we expect price to rally to fill the gap at 1.53344 and eventually head to test the broken support at 1.5486 for resistance A close below the daily pivot and an eventual decline back to the lower support line of the price channel will foresee a continuation of the bearish trend.

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