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EURUSD Daily Pivots

R3 1.1126
R2 1.1080
R1 1.1000
Pivot 1.0995
S1 1.0875
S2 1.0829
S3 1.075

 EURUSDH1_0704 April 7 2015 technical analysis pivot points outlook for currency trading forex

EURUSD saw a post US session rally which took the currency to the highs of 1.1026. However the Euro failed to hold on to its gains near this level and declined sharply to trade back below the 1.1 handle. The currency is now currently consolidating and we expect a dip down to 1.0917 and 1.0904 levels. However, a more appropriate decline would be to test the broken resistance at 1.0857 levels, which could then in fact look bullish for the Euro. If 1.0857 level fails to hold the declines, EURUSD could potentially drop to as low as 1.077 levels.

USDJPY Daily Pivots

R3 120.762
R2 120.225
R1 119.876
Pivot 119.339
S1 118.99
S2 118.453
S3 118.107

USDJPYH4_0704 April 7 2015 technical analysis pivot points outlook for currency trading forex

USDJPY saw a decent reversal near the bearish flag’s target price level and is currently back trading near the breakout of the bearish flag at 119.6. If prices are contained here, USDJPY could see another leg down to test the lows of 118.414. Alternatively, if price continues to rally, we will have to wait for a break of the falling price channel before expecting further upside gains. In any event, USDJPY rallies are likely to be capped near 120.263.

GBPUSD Daily Pivots

R3 1.5061
R2 1.5021
R1 1.4950
Pivot 1.491
S1 1.4839
S2 1.4799
S3 1.4728

GBPUSDH4_0704 April 7 2015 technical analysis pivot points outlook for currency trading forex

GBPUSD made a failed attempt yesterday after managing to rally to 1.495 levels. The rally resulted in a sharp reversal with the GBPUSD trading back inside the range. We could probably expect to see another dip to 1.475 levels. In any case, GBPUSD could potentially continue to range within the levels of 1.495 and 1.475 for a while.

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