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Daily Forex Preview 17 Feb: 2015, Guest post by John Benjamen at Orbex

Daily Forex Preview 17 Feb: 2015, Guest post by John Benjamen at Orbex

EURUSD Daily Pivots  Guest post by John Benjamen at Orbex

R3

1.1524

R2

1.1476

R1

1.1414

Pivot

1.1366

S1

1.1305

S2

1.1257

S3

1.1195

 

EURUSD reversed its gains after making an intraday high towards 1.142 levels yesterdays. The decline in the price action shows a short term support/resistance level being formed near 1.138 and 1.137. A successful test of resistance could see EURUSD decline further to find support near 1.1316 levels before we can expect to see any kind of rally in the pair. Failure to limit the declines near 1.136 could see a further decline down to 1.1277.

USDJPY Daily Pivots

R3

119.259

R2

119.024

R1

118.75

Pivot

118.515

S1

118.241

S2

118.006

S3

117.732

 https://mail-attachment.googleusercontent.com/attachment/u/0/?view=att&th=14b968a2b67ae778&attid=0.4&disp=inline&realattid=f_i68zxw6d4&safe=1&zw&saduie=AG9B_P_4iBvzpIZjPMfxundzNfVF&sadet=1424159936521&sads=4duHpPiZBLzDLB8AkqgnVf24Hsw

USDJPY continues to trade near the major neckline of a potential head and shoulders pattern. We would however need to see a rally to form the right shoulder, which looks to be at risk given the current price action. A break of the support level at 118.4 could see a decline down to 117.3 and 117.13 levels in the short term.

GBPUSD Daily Pivots

R3

1.5525

R2

1.5482

R1

1.5422

Pivot

1.538

S1

1.5322

S2

1.5279

S3

1.522

 https://mail-attachment.googleusercontent.com/attachment/u/0/?view=att&th=14b968a2b67ae778&attid=0.3&disp=inline&realattid=f_i68zxw6b3&safe=1&zw&saduie=AG9B_P_4iBvzpIZjPMfxundzNfVF&sadet=1424159908920&sads=XmZLnWzU9TTv_ukQCKMCVdAgggU

GBPUSD reversed its gains from yesterday after the H4 charts showed a bearish engulfing pattern. Price action however is yet to retrace down to 1.533 through 1.53 levels. We notice price action trading within the rising price channel and therefore, a test of the support is imminent. Current rally in the pair could possibly result in a retracement before we can expect to see a dip down to 1.53 levels. A move to the upside above yesterday's highs could invalidate the idea.


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