Daily Forex Preview for June 10, 2015

June 10, 2015

EURUSD Daily Pivots

R3

1.1477

R2

1.1411

R1

1.1345

Pivot

1.1279

S1

1.1213

S2

1.1148

S3

1.0823

 

EURUSD (1.129): EURUSD closed with a doji type of a candlestick pattern yesterday on the daily chart, right near the resistance/support level of 1.12845. This comes just after a bullish engulfing candlestick pattern and could therefore indicate a possible move to the downside. The bullish bias remains intact as long as the previous low of the bullish engulfing candlestick at 1.108 is not breached.

On the intraday charts, we notice a breakout from the inside bar, four sessions ago and as long as the low of this, near 1.12132 holds we can expect to see a continuation to the upside to the resistance at 1.13575. A close below 1.12132 could put EURUSD to test the lower support at 1.117.

 

USDJPY Daily Pivots

R3

125.646

R2

125.187

R1

124.768

Pivot

124.30

S1

123.889

S2

123.43

S3

123.011

USDJPY (123.33): USDJPY saw a sharp sell off early today and on the intraday charts we notice that the major trend line has also been breached. This will likely see USDJPY decline towards 122 support if the broken support at 124 turns to resistance. A retest to 124 also cannot be ruled out and it will be important to see how price reacts to this level. A close above 124 is required in order to anticipate any upside moves in USDJPY.

 

GBPUSD Daily Pivots

R3

1.5561

R2

1.5475

R1

1.5429

Pivot

1.5343

S1

1.5298

S2

1.5212

S3

1.5166

GBPUSD (1.541): GBPUSD has managed to hold near the support zone of 1.532 - 1.523 on the daily charts. The Cable formed an inside bar few days ago and broke out to the upside from the support indicating a possible move towards 1.552.

On the intraday charts we notice price breaking out of the falling price channel and looks poised to test the resistance between 1.551 - 1.5455. Price action from here on will be interesting because if the resistance holds the rallies, GBPUSD could possibly decline lower to potentially test the lower support at 1.52. A break above 1.551 will turn GBPUSD bullish.

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