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EURUSD edged up at 1.1435, before closing below the daily pivot.
| EURUSD | H4 | ||
| Resistance | 1.1418 | 1.1480 | 1.1524 |
| Support | 1.1313 | 1.1268 | 1.1207 |
| Primary Scenario | EURUSD edged up at 1.1435, before closing below the daily pivot at 1.1374. Further slide of the pair will lead the market into deeper correction, targeting the support level at 1.1313 and even lower at 1.1268. | ||
| Alternative Scenario | On the other hand, a surge of the exchange rate above the daily pivot will lift the market to retest the hurdle at 1.1418. | ||
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GBPUSD | H4 |  |
| Resistance | 1.5934 | 1.5993 | 1.6058 |
| Support | 1.5811 | 1.5746 | 1.5687 |
| Primary Scenario | The pair is negotiating slightly above the daily pivot point (1.5870). Any decisive movement to the north will trigger the market to retest and penetrate the obstacle at 1.5934, opening the way towards to the next resistance level at 1.5993. | ||
| Alternative Scenario | A break back below the daily pivot will push prices to find support at 1.5811. RSI oscillator is trading within an overbought territory. | ||
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USDCHF | H4 | |
| Resistance | 0.9254 | 0.9297 | 0.9350 |
| Support | 0.9159 | 0.9107 | 0.9064 |
| Primary Scenario | USDCHF bounced up from the previous low and is now trading above the daily pivot (0.9202). If the pair manages to withhold the sellers’ pressure, it will climb towards the resistance levels at 0.9254 and 0.9297. | ||
| Alternative Scenario | A comeback of the currency pair will push the market to breach the daily pivot, with immediate target the support level at 0.9159. | ||
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USDJPY | H4 | |
| Resistance | 123.15 | 123.41 | 123.69 |
| Support | 122.80 | 122.46 | 121.76 |
| Primary Scenario | The pair is still trading with a bearish outlook. A plunge of USDJPY will lead the pair to retest and violate the support level at 122.80. The next support is estimated at 122.46. | ||
| Alternative Scenario | Alternatively, a higher thrust of the market will generate strength for the pair to target the resistances at 123.15 and then higher at 123.41. | ||
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AUDUSD | H4 | |
| Resistance | 0.7860 | 0.7923 | 0.7998 |
| Support | 0.7721 | 0.7646 | 0.7583 |
| Primary Scenario | AUDUSD has just breached the daily pivot point at 0.7784. If the pair achieves to extend its momentum, it will find support at 0.7721 and then lower at 0.7646. | ||
| Alternative Scenario | An upward wave would lift the currency pair above the daily pivot to retest the hurdle at 0.7860. | ||
The post EURUSD edged up at 1.1435, before closing below the daily pivot. appeared first on Forex Circles.
Source:: EURUSD edged up at 1.1435, before closing below the daily pivot.
