EURUSD, USDJPY, GBPUSD Pivot Points and TA – Feb. 9 2015

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EURUSD Daily Pivots

R3 1.1607
R2 1.1546
R1 1.1433
Pivot 1.1372
S1 1.1259
S2 1.1197
S3 1.1084

 EURUSD H1 technical analysis pivot points for currency trading forex February 9 2015

As EURUSD failed to rise above 1.14015 and instead broke down below, we expect a short retracement towards the daily pivot to as high as 1.14015 following which we can expect a decline down to 1.11412, a major support level. To the upside, we expect a break above 1.14015 and potentially a higher close in order to take the bias for an upside move.

USDJPY Daily Pivots

R3 121.764
R2 120.492
R1 119.72
Pivot 118.448
S1 117.676
S2 116.404
S3 115.632

USDJPY H4 technical analysis pivot points for currency trading forex February 9 2015

From Friday’s notes, price rallied to the expected target near 117.8 levels and closed higher. In the process, USDJPY has formed a bullish flag pattern near the support/resistance level. On a confirmed close or a bullish candlestick pattern near the support/resistance at 118.97, we can expect a continuation of the rally with the prospects of reaching 120.3, the minimum measured price objective of the bullish flag pattern. A close below the daily pivot level could potentially invalidate or weaken the flag pattern.

GBPUSD Daily Pivots

R3 1.5467
R2 1.5409
R1 1.5326
Pivot 1.5268
S1 1.5184
S2 1.5127
S3 1.5043

GBPUSD H1 technical analysis pivot points for currency trading forex February 9 2015

GBPUSD broke out from the rising price channel and looks to be currently retesting the break out levels. If successful and prices reversed without making a new high, we expect a decline down to 1.519 levels, which forms the first support zone. A break below this level could potentially target 1.515 support. Alternatively, should price rally higher, a break of the major price channel’s resistance line is required in order to see more gains in the pair.

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About Author

John is a market analyst for Orbex Ltd. and is a forex and equities trader having been involved in trading since late 2009. John makes use of a mix of technical and fundamental analysis and inter-market relationships. The analysis present here is a mix of intra-day analysis while considering the long term outlook of the markets as well. For any comments or questions, John can be reached at [email protected]

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