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EURUSD Daily Pivots

R3 1.1227
R2 1.1170
R1 1.110
Pivot 1.1043
S1 1.0973
S2 1.0916
S3 1.0845

 EURUSD H1 March 6 2015 technical analysis pivot points currency trading forex

EURUSD has been declining in a stair step fashion for the past two days and if we consider this move, the next downside leg is likely to come in at 1.0973 levels, provided price action does not rise above 1.10606. The major falling price channel continues to show EURUSD to be bearish and until price breaks out from this channel, we do not see any major correction around the corner.

USDJPY Daily Pivots

R3 121.293
R2 120.859
R1 120.5
Pivot 120.065
S1 119.698
S2 119.262
S3 118.895

USDJPY H4 March 6 2015 technical analysis pivot points currency trading forex

USDJPY has found a short term base near 119.5 levels from which it bounced off to rally back to the previous high at 120.16 levels. If the momentum continues, a break above 120.16 will see a further rally towards 120.8 levels. Alternatively, if price fails to break higher, a drop back to 119.5 is possible and with an eventual break out from the rising price channel indicating a potential major move to the downside near 118.4 levels.

GBPUSD Daily Pivots

R3 1.5321
R2 1.5295
R1 1.5267
Pivot 1.5241
S1 1.5213
S2 1.5186
S3 1.5157

GBPUSD H1 March 6 2015 technical analysis pivot points currency trading forex

GBPUSD looks like the pair is back to resume its bearish trend. To the downside, the declines are likely to stall near 1.52 levels, a break below which could see a further steep decline to 1.502 levels. We could get potential clues if GBPUSD finds resistance above 1.52585 levels.

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