Daily Forex Preview 3 Feb: 2015, Guest post by John Benjamen at Orbex

Guest post by John Benjamen at Orbex

EURUSD Daily Pivots

R3

1.144

R2

1.1401

R1

1.137

Pivot

1.1331

S1

1.13

S2

1.1261

S3

1.1231

https://mail-attachment.googleusercontent.com/attachment/u/0/?view=att&th=14b4f4f900d17b12&attid=0.3&disp=inline&realattid=f_i5p8h18m2&safe=1&zw&sadnir=1&saduie=AG9B_P_4iBvzpIZjPMfxundzNfVF&sadet=1422965479326&sads=KkJhSl9l2ydVAM_AkPZHBqCDqAY 

EURUSD continues to remain range bound with no clear direction as of now. With price action still below the rising trend line and yet to decline towards the falling trend line, EURUSD has been trading mostly sideways. The decline to 1.12688 support still cannot be ruled out unless we see a break above the falling trend line, which gives an upside target towards 1.14015.

USDJPY Daily Pivots

R3

118.849

R2

118.365

R1

117.984

Pivot

117.5

S1

117.119

S2

116.635

S3

116.253

https://mail-attachment.googleusercontent.com/attachment/u/0/?view=att&th=14b4f4f900d17b12&attid=0.5&disp=inline&realattid=f_i5p8h4z34&safe=1&zw&saduie=AG9B_P_4iBvzpIZjPMfxundzNfVF&sadet=1422965386543&sads=-Xb7RX18FHw5QhWxUSwhETfBI48

USDJPY having broken the support level near 117.6 – 117.5 looks bearish at the momentum with the possibility of a decline down to 116.34 levels which is a minor support level. If this level holds, we could see a soft bounce before the support at 116.34 is taken out, which leaves a further downside target to 115.97 region.

GBPUSD Daily Pivots

R3

1.5171

R2

1.5132

R1

1.5085

Pivot

1.5045

S1

1.4998

S2

1.4958

S3

1.4911

https://mail-attachment.googleusercontent.com/attachment/u/0/?view=att&th=14b4f4f900d17b12&attid=0.4&disp=inline&realattid=f_i5p8h3cb3&safe=1&zw&sadnir=1&saduie=AG9B_P_4iBvzpIZjPMfxundzNfVF&sadet=1422965479403&sads=iPfpm5SY_8SogjKQxQFw-6bI7PA

GBPUSD failed the inverted head and shoulders pattern yesterday breaking below the levels of 1.504. Further declines could potentially target the previous lows near 1.4972 levels especially after the price action is starting to show a descending triangle formation with a pick up in the bearish momentum.

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