Daily Forex Preview for July 15, 2015

July 15, 2015

EURUSD Daily Pivots

R3

1.1164

R2

1.1116

R1

1.1061

Pivot

1.1013

S1

1.0959

S2

1.0909

S3

1.0856

EURUSD (1.09): EURUSD closed with a doji candlestick pattern yesterday forming off the established support near 1.098 region. On the intraday charts, we see that price is trading close to/below the resistance level at 1.10 after breaking out from the falling price channel. There is a potential risk for a decline down to 1.09275 in the event the resistance at 1.10 holds strong. Alternatively, if price closes above 1.10, we could expect to see another attempt for a rally to test the previous resistance at 1.117 - 1.1135 region. A break above this could see EURUSD attempt to test 1.1335 resistance.

USDJPY Daily Pivots

R3

124.462

R2

124.091

R1

123.741

Pivot

123.371

S1

123.02

S2

122.65

S3

122.3

USDJPY (123.4): USDJPY closed with a doji near the top after the previous day's bullish candlestick pattern. On the intraday charts, USDJPY is seen consolidating near 123.5 a minor resistance level. With price falling back below this level we could expect a decline towards 122.65 support, which also forms a break out from the falling price channel. A successful test of support at 122.65 could see USDJPY test 124 highs. To the downside, if 122.65 fails as support, USDJPY could fall back to the main support at 122.

GBPUSD Daily Pivots

R3

1.5887

R2

1.5763

R1

1.57

Pivot

1.5574

S1

1.5511

S2

1.5387

S3

1.5322

GBPUSD (1.564): GBPUSD saw a strong bullish engulfing reversal yesterday closing above the minor support/resistance at 1.552. Further to the upside, the resistance comes in at 1.57525. On the intraday charts, this marks a potential test back into the rising price channel after GBPUSD found support at 1.5455. The bias could shift to bullish if GBPUSD closes back inside the rising price channel, while if 1.552 holds as resistance, we could see GBPUSD decline back towards 1.551.

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