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EURUSD Daily Pivots

R3 1.1489
R2 1.1466
R1 1.1426
Pivot 1.1402
S1 1.1363
S2 1.1339
S3 1.1300

 EURUSD H1 February 16 2015 pivot points technical analysis currency outlook

EURUSD continues to trade below the rising trend line, however the pair has formed a bullish flag pattern, which if validated could soon see some upside. A break of the bull flag is essential, but we also expect a modest decline to the daily pivot level from where, the pair could possibly rally towards the bull flag’s minimum objective price of 1.1517. To the downside, failure to validate the bull flag, could see price continue to remain choppy before declining to the lower support level at 1.1316

USDJPY Daily Pivots

R3 119.973
R2 119.586
R1 119.187
Pivot 118.800
S1 118.4
S2 118.041
S3 117.615

USDJPY H1 February 16 2015 pivot points technical analysis currency outlook

USDJPY is currently trading near the identified neckline of the head and shoulders pattern. If price stays above this neckline, we can expect to see a rally to the upside to form a right shoulder with the possible reversal near 119.16 or to 119.8 levels. We would however prefer to wait for the pattern to be formed before looking for possible price movements in the USDJPY.

GBPUSD Daily Pivots

R3 1.5473
R2 1.5447
R1 1.5422
Pivot 1.5396
S1 1.5371
S2 1.5346
S3 1.5320

GBPUSD H4 February 16 2015 pivot points technical analysis currency outlook

GBPUSD has broken out from the bullish flag which gives a minimum objective towards 1.553 levels. We however expect to see a dip towards either 1.533 or to 1.529 before the rally resumes. Failure to   hold prices near 1.533 or 1.529 could see the bullish flag being invalidated with a decline towards the next major support at 1.5258.

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