Forex Trading Library

Daily Forex Preview – 27/04

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EURUSD Daily Pivots

R3 1.1028
R2 1.0963
R1 1.0914
Pivot 1.0849
S1 1.0799
S2 1.0733
S3 1.0683

 

EURUSDH1_2704

EURUSD is looking poised for a move higher, towards the bullish flag’s measured target of 1.098. Current price action is looking to establish support near 1.08211 and a successful test of support here could see the pair push higher. There is however a risk that the support at 1.08211 could fail, in which case, EURUSD could dip a bit lower towards the daily support level. As long as price is held within the rising price channel, our upside bias for EURUSD remains intact.

USDJPY Daily Pivots

R3 120.282
R2 119.969
R1 119.449
Pivot 119.136
S1 118.615
S2 118.298
S3 117.777

 

USDJPYH4_2704

USDJPY failed to rally above 120.040 which saw the pair fall back into the price channel. We now expect price to dip lower, towards 118.5 support level but price action could remain choppy at the current levels near 118.9 considering it is a strong support level. If support manages to hold declines, USDJPY could attempt another break out to the upside.

GBPUSD Daily Pivots

R3 1.5395
R2 1.529
R1 1.5237
Pivot 1.5132
S1 1.5078
S2 1.4974
S3 1.492

 

GBPUSDH1_2704

GBPUSD managed to rally and reach its bullish flag target of 1.515. Price action is currently flat at this level and we expect to see a test of the broken resistance at 1.515 for support, which could then pave way for more gains in GBPUSD. Support level comes between 1.515 and the daily pivot level. If this support gives way, GBPUSD could turn bearish and the bias would be confirmed on break of the price channel. However, as long as price is within the rising price channel, we look for further gains in GBPUSD.

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