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EURUSD Daily Pivots

R3 1.3203
R2 1.304
R1 1.294
Pivot 1.2782
S1 1.2678
S2 1.2519
S3 1.2415

 EURUSD Pivot Points Technical analysis outlook October 16 2014

EURUSD managed to reach the inverse head and shoulders pattern’s price objective of 1.2858, a previously established resistance level. With the Eurozone CPI due later today, the EURUSD could be volatile if the inflation reading comes in above or below estimates. Technically, support could be found near 1.2784 level which shows confluence with today’s daily pivot level for a potential move to the upside, breaking above the established resistance near 1.2858. To the downside, if the 1.2784 support level gives way, we could see a test back to 1.27. It must be mentioned that the current price action, even if declining towards 1.2784 is shaping out to be a bullish flag, although still in its early stages, which tilts the bias to the upside.

USDJPY Daily Pivots

R3 109.51
R2 108.5
R1 107.21
Pivot 106.204
S1 104.91
S2 103.9
S3 102.61

USDJPY Pivot Points Technical analysis outlook October 16 2014

USDJPY broke down to make an intra-day low to 105.197 breaking below the descending triangle’s target of 106.41. The pair is currently consolidating and could likely rally towards testing the broken support at 106.41 for possible move to the downside towards 105.7

GBPUSD Daily Pivots

R3 1.6295
R2 1.6182
R1 1.6101
Pivot 1.5988
S1 1.5906
S2 1.5793
S3 1.5712

GBPUSD Pivot Points Technical analysis outlook October 16 2014

GBPUSD rallied back above the trend line and at the time of writing is currently forming a bullish flag pattern. Price reversed just a few pips away from the mentioned 1.58721 region. The bullish flag could likely see a rally towards the first daily resistance level above which lies the technical resistance at 1.60703. The key risk to the pair is the US weekly unemployment claims to be released during the US trading session.