EURUSD Daily Pivots R3 1.2454 R2 1.2398 R1 1.2357 Pivot 1.2309 S1 1.2260 S2 1.2204 S3 1.2163 EURUSD staged a very decent reversal from the major support level at 1.22717 albeit managing to trade below this support for a few hours. Current price action is forming out to be a bullish flag pattern, which gives an upside target to 1.23791 – 1.23695 levels. This is the same price zone that had briefly acted as support in the past. A test of this level for resistance could see EURUSD start to decline. However, a rally to retest the major resistance at 1.242 is also likely. USDJPY Daily Pivots R3 123.256 R2 122.55 R1 121.618 Pivot 120.912 S1 119.98 S2 119.274 S3 118.342 USDJPY broke down from the two trend lines to test the support at 120.845 levels. A quick rally to retest the broken trend line is indicative of a possible sharper decline to the next support level at 119.66. A major long term untested support does however sits at 118.974 which could be a good price level potentially attracting new buyers into the market. GBPUSD Daily Pivots R3 1.5844 R2 1.5761 R1 1.5706 Pivot 1.5623 S1 1.5569 S2 1.5486 S3 1.5431 GBPUSD managed to stage a rally to 1.5611 levels as noted in yesterday’s analysis. Current price action is critical as 1.5611 could potentially be tested for support, which would push the GBPUSD higher. A minor price channel plotted in the GBPUSD will be critical, as a break above the upper resistance line could pave way for yet another test to 1.572, following a rally to 1.581 on breakout from the congestion zone. John Benjamin John Benjamin 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] View All Post By John Benjamin Forex News Today: Daily Trading News share Read Next UK manufacturing production falls 0.7% – GBP/USD pressured Yohay Elam 7 years EURUSD Daily Pivots R3 1.2454 R2 1.2398 R1 1.2357 Pivot 1.2309 S1 1.2260 S2 1.2204 S3 1.2163 EURUSD staged a very decent reversal from the major support level at 1.22717 albeit managing to trade below this support for a few hours. Current price action is forming out to be a bullish flag pattern, which gives an upside target to 1.23791 - 1.23695 levels. This is the same price zone that had briefly acted as support in the past. A test of this level for resistance could see EURUSD start to decline. However, a rally to retest the major resistance… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
