Daily Forex Preview for May 27, 2015

May 27, 2015

EURUSD Daily Pivots

R3

1.1065

R2

1.1021

R1

1.0945

Pivot

1.0903

S1

1.0827

S2

1.0785

S3

1.0709

 

EURUSD (1.088): EURUSD saw another day of bearish price action with price now trading close to 1.082 price level. This level as mentioned in previous analysis marks the line in the sand. A continuation of the bearish trend below 1.082 will see EURUSD decline further with the next target at previous support and lows near 1.0539 and the possibility of printing fresh multi-year lows. Alternatively, a test of support near 1.082 will see EURUSD attempt a rally at the very least, but will require the single currency to break above the previously broken support levels which could act as resistance.

USDJPY Daily Pivots

R3

125.569

R2

124.443

R1

123.748

Pivot

122.623

S1

121.952

S2

120.826

S3

120.132

 

USDJPY (123.121): USDJPY posted fresh multi-year highs as the currency closed above 123 handle. From here on, the next price level to target is 123.978, which marks the high previously seen in mid June 2007. But due to the fact that price rallied straight up from the 121.92 - 122 price level, we could expect to see a dip to this broken support in the short term.

GBPUSD Daily Pivots

R3

1.5576

R2

1.5525

R1

1.5457

Pivot

1.5404

S1

1.5333

S2

1.5282

S3

1.5213

 

GBPUSD (1.5391): GBPUSD continues to drift lower gradually with price having broken the 1.545 price level. From the daily charts, the next major support comes in 1.532 while on the intraday chart, the next support level is at 1.52. It wouldn't be surprising to see price test either of these two support levels before attempting to rally higher. In the unlikely event that GBPUSD fails to find support, the Cable could potentially target the 1.50 round number support on break below 1.52.

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