Daily Forex Preview for June 29, 2015

29 June, 2015

EURUSD Daily Pivots

R3

1.130

R2

1.126

R1

1.121

Pivot

1.1169

S1

1.1119

S2

1.1078

S3

1.1028

EURUSD (1.1): EURUSD opened the week gapping down by close to 154 pip. From Friday's close at 1.1160, EURUSD opened Monday's session at 1.1006. The bear flag pattern that we noticed previously looks to have completed with price stalling near 1.09842 level of support which we have been watching. From here on, EURUSD could see a spike up to 1.1135, the broken support and could possibly move sideways. A break below 1.0984 could however see EURUSD drop down to 1.082 level of support.

USDJPY Daily Pivots

R3

124.909

R2

124.446

R1

124.143

Pivot

123.688

S1

123.384

S2

122.921

S3

122.625

USDJPY (122.6): USDJPY also gapped down on today's open. The intraday chart shows price trading back the support of 122.65, the area where a double bottom was previously formed. If price action stalls at this level, we could expect a possible triple bottom, which in turn could be very bullish to the upside. Resistance comes in at 124 while a break below 122.65 would invalidate the triple bottom and could see a dip down to 122 support.

GBPUSD Daily Pivots

R3

1.583

R2

1.5798

R1

1.5771

Pivot

1.574

S1

1.5713

S2

1.5681

S3

1.5654

GBPUSD (1.57): GBPUSD: Gapping lower on Monday's weekly open. With price trading below the break out level of resistance/support at 1.58, GBPUSD could potentially decline to support at 1.552 - 1.545. The current consolidation in GBPUSD has formed a bearish triangle pattern which see's a breakout below 1.5673 which will set the stage for a drop to 1.552 - 1.545 support.

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