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

Guest post by John Benjamen at Orbex

EURUSD Daily Pivots

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

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

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.