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EURUSD Daily Pivots

R3 1.2803
R2 1.2742
R1 1.2705
Pivot 1.2644
S1 1.2607
S2 1.2545
S3 1.2508

 EURUSD Pivot Points Technical analysis outlook October 8 2014

Yesterday’s price action saw, EURUSD oscillating between the two technical support levels of 1.2688 and 1.2588. Price action currently seems to be forming an inverted head and shoulders patterns after finding resistance at 1.2688. If price holds and doesn’t fall deeper than the daily support level 1 at 1.2607, we could expect to see further gains if the neckline resistance at 1.265 is broken, with a possible rally towards 1.272. Alternatively, if the support level of 1.2588 gives way, we could see the EURUSD continue its decline back to the main falling trend line acting as support.

USDJPY Daily Pivots

R3 110.315
R2 109.775
R1 108.901
Pivot 108.361
S1 107.487
S2 106.947
S3 106.073

USDJPY Pivot Points Technical analysis outlook October 8 2014

USDJPY is looking like the pair is entering a period of consolidation after finding soft support at the main down sloping trend line, marked by two sharp reversal pin bars. A break out of price is more likely to the downside in what seems to be a bearish flag pattern being formed. Upside gains could find resistance near the short term down sloping resistance trend line. If the bearish flag is validated, we could see USDJPY decline towards lows of 107.5

GBPUSD Daily Pivots

R3 1.6243
R2 1.6186
R1 1.6141
Pivot 1.6083
S1 1.6038
S2 1.5981
S3 1.5935

GBPUSD Pivot Points Technical analysis outlook October 8 2014

 

GBPUSD looks like it is forming a descending triangle pattern after the rally was capped by the main down trend line. Key support has been the region of 1.605. A break of this support could see GBPUSD decline towards daily support 2 of 1.5981.