Forex Daily Analysis (2015.08.31)

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Forex Market News

Source: FxRro Forex Broker (Review and Forex Cashback)

EUR/USD Analysis 

Pivot: 1.131

Most Likely Scenario: Short positions below 1.131 with targets @ 1.12 & 1.1155 in extension.

Alternative scenario: Above 1.131 look for further upside with 1.135 & 1.141 as targets.

Comment: As long as 1.131 is resistance, look for choppy price action with a bearish bias.

EUR/USD Chart

GBP/USD Analysis 

Pivot: 1.5445

Most Likely Scenario: Short positions below 1.5445 with targets @ 1.5325 & 1.5265 in extension.

Alternative scenario: Above 1.5445 look for further upside with 1.55 & 1.557 as targets.

Comment: Intraday technical indicators are mixed and call for caution.

GBP/USD Chart

USD/JPY Analysis

Pivot: 120.25

Most Likely Scenario: Long positions above 120.25 with targets @ 121.75 & 122.35 in extension.

Alternative scenario: Below 120.25 look for further downside with 119.4 & 118.9 as targets.

Comment: Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

USD/JPY Chart

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