Daily Forex Preview for August 24, 2015

24 August, 2015

EURUSD Daily Pivots

EURUSD (1.14): EURUSD rallied on Friday with strong momentum and today's early price action managed to test the upper resistance at 1.1491. We suspect that a pullback is in order and the most likely support levels come at 1.13575 - 1.1335. Failure to support prices here could see a further decline to the next untested support at 1.117 - 1.1135 region.  Plotting a new rising price channel, we see that EURUSD has broken to the upside from the rising price channel and therefore a potential retest down to 1.117 - 1.1135 looks more evident.

R3

1.1566

R2

1.1470

R1

1.1420

Pivot

1.1323

S1

1.1272

S2

1.1177

S3

1.1127

USDJPY Daily Pivots

R3

124.835

R2

124.157

R1

123.145

Pivot

122.478

S1

121.466

S2

120.799

S3

119.787

USDJPY (121.1): USDJPY's failure to break above the highs of 124.5 has seen the currency pair decline down to test the lows of 120.791. This test of previous support is likely to hold as we expect to see a retracement to this decline. Potential resistance levels comes in at 122 - 121.7 followed by 123.125 - 123 region. Further declines are most likely to be supported at the current support level of 120.80.

GBPUSD Daily Pivots

R3

1.5793

R2

1.5785

R1

1.5728

Pivot

1.5692

S1

1.5663

S2

1.5627

S3

1.5597

GBPUSD (1.56): GBPUSD continues to stay range bound above the support level of 1.56465. Price action briefly attempted to break higher but saw a lower close above the support. As long as 1.56465 holds, GBPUSD could see some upside gains to test the next resistance at 1.58 region. To the downside, a break below support could send GBPUSD lower and potentially to test the lower end of the rising price channel below previous lows of 1.556.

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