Daily Forex Preview – 02/04

April 2, 2015

EURUSD Daily Pivots

R3 1.0883
R2 1.0841
R1 1.0801
Pivot 1.0759
S1 1.0720
S2 1.0678
S3 1.0638

EURUSD looks to have found a base near the 1.073 levels having tested the price point multiple times. The slow and gradual breakout from the falling price channel is indicative that EURUSD could possibly break out from the price channel and push higher. Immediate overhead resistance at 1.08 has to be cleared, in order for price to make further gains to 1.085. To the downside, we expect a minor decline back to 1.073 levels, which now proves to be a strong support with the confluence of the trend line of the price channel along with the horizontal support level.

USDJPY Daily Pivots

R3 121.167
R2 120.748
R1 120.253
Pivot 119.834
S1 119.339
S2 118.921
S3 118.425

USDJPY managed to form a falling price channel after bounce off the lows at 118.414 on 25th March. A minor trend line plotting this up move shows price action to have broken the trend line and currently hovering near the break out level at 119.86 level. If prices are capped here, we can expect another decline but with a possible bounce at 119.38 followed by an eventual dip to 118.414. Any rallies are likely to be limited by the strong resistance levels from 119.86 and higher.

GBPUSD Daily Pivots

R3 1.5014
R2 1.4943
R1 1.4883
Pivot 1.4811
S1 1.4751
S2 1.4678
S3 1.462

GBPUSD has made several attempts to break out from 1.482 but has so far managed to rise above this level again. While price action continues to remain strongly sideways, a breakout is imminent. While to the downside, multiple support levels come in at 1.4722 and 1.4635, to the upside, there is virtually no resistance on break of 1.495.


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