Home EURUSD, USDJPY, GBPUSD TA & Pivot Points – Feb. 4 2015
Daily Look

EURUSD, USDJPY, GBPUSD TA & Pivot Points – Feb. 4 2015

EURUSD Daily Pivots

R3 1.1792
R2 1.1662
R1 1.157
Pivot 1.1441
S1 1.1348
S2 1.1219
S3 1.1127

 EURUSD H1 February 4 2015 technical analysis pivot points and outlook for currency trading forex

EURUSD managed to break above the trend line and eventually rising above 1.14 levels. The new price channel shows a possible dip towards the resistance level at 1.14 and 1.135 levels, which if holds should see EURUSD possibly push higher targeting 1.154 and eventually the major support/resistance level at 1.58 levels. With the NFP data due in a few days time and with no major events from Europe scheduled, we can expect EURUSD to move into a sideways price action before resuming its short term bias.

USDJPY Daily Pivots

R3 118.788
R2 118.267
R1 117.918
Pivot 117.397
S1 117.048
S2 116.527
S3 116.178

USDJPY H1 February 4 2015 technical analysis pivot points and outlook for currency trading forex

USDJPY managed to lift off from the lows of 116.05 levels to close higher above the 117 handle. In the process, we notice an inverted head and shoulders pattern being formed, which gives an upside target towards 118.25 upon a successful test of support near 117.7. The main risk to this view is the fact that prices have not yet bounced off the daily pivot level at 117.397, which should be kept in mind. A break towards the daily pivot level is likely to invalidate the inverted head and shoulders pattern.

GBPUSD Daily Pivots

R3 1.5456
R2 1.5327
R1 1.5246
Pivot 1.5117
S1 1.5037
S2 1.4908
S3 1.4828

GBPUSD H1 February 4 2015 technical analysis pivot points and outlook for currency trading forex

GBPUSD managed to bounce off the lows and the falling wedge pattern turning bullish yesterday. We expect this short term bullishness to continue as price currently looks towards consolidation near 1.51 levels. A break out to the upside, based on the measure move gives a target towards 1.525 levels, which has been a major support level that was broken and waiting to be retested. To the downside, price action could potentially dip towards the daily pivot level or even lower to test the highs of the falling wedge pattern near 1.509 before pushing higher.

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]