EURUSD is revolving the daily pivot point at 1.0599.

Posted On 18 Mar 2015

Tag: Daily Pivot Point, EURUSD, GBPUSD, Support & Resistance

	EURUSD	H4
Resistance	1.0647	1.0698	1.0746
Support	1.0548	1.0499	1.0448
Primary Scenario	EURUSD is revolving the daily pivot point at 1.0599. Should the pair manage to eliminate the support level at 1.0548, it will push prices lower towards the next target at 1.0499.
Alternative Scenario	An upward wave would lead the exchange rate to penetrate the daily pivot and then higher at 1.0647.

	GBPUSD	H4
Resistance	1.4817	1.4891	1.4938
Support	1.4695	1.4648	1.4574
Primary Scenario	The pair is trading slightly below the daily pivot (1.4770). Further drop of the market will push GBPUSD to target the forthcoming support level at 1.4695 and even lower at 1.4648.
Alternative Scenario	If the pair achieves to exceed the daily pivot point, it will climb towards the resistance level at 1.4817.

	USDCHF	H4
Resistance	1.0095	1.0134	1.0177
Support	1.0013	0.9970	0.9931
Primary Scenario	The trend has been overall neutral. Any decisive movement upwards will trigger the market to target the resistance level at 1.0095 and further up at 1.0134.
Alternative Scenario	A comeback of USDCHF below the daily pivot will push the pair to find support at 1.0013.

	USDJPY	H4
Resistance	121.48	121.66	122.02
Support	121.10	120.68	120.33
Primary Scenario	USDJPY is searching for direction. Any purposeful movement to the north will fuel the pair to target the hurdle at 121.48 and then higher at 121.66. The next resistance is seen at 122.02.
Alternative Scenario	A setback of the currency pair will lead the market to hit the support at 121.10 (upper level of the cloud).

	AUDUSD	H4
Resistance	0.7655	0.7689	0.7714
Support	0.7595	0.7570	0.7535
Primary Scenario	AUDUSD has breached a key support level and it is now heading to the support level at 0.7595. Further drop of the market will most likely lead the pair to violate this level, with immediate target the next support at 0.7570.
Alternative Scenario	A higher thrust of the rate will lift the market above the daily pivot (0.7630) and then higher at 0.7655.

The post EURUSD is revolving the daily pivot point at 1.0599. appeared first on Forex Circles.

Source:: EURUSD is revolving the daily pivot point at 1.0599.

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