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EURUSD Daily Pivots

R3 1.1941
R2 1.19
R1 1.1835
Pivot 1.1794
S1 1.173
S2 1.1689
S3 1.1624

 EURUSD Technical analysis pivot points January 14 2015 currency forex trading

EURUSD formed a consolidating triangle pattern after the upside breakout attempt from the falling trend line. The triangle pattern if successful on a retest to the breakout price point near 1.8082 could potentially see a rapid decline towards 1.1701 support levels. Price action is also currently shaping up to form a bearish flag after the breakout from the triangle pattern indicating downside pressure. The bearish flag pattern also points to a downside move towards 1.1701 point of confluence of the triangle’s price objective, a major horizontal support level and the bearish flag price objective.

An alternative view is for a bullish close above 1.8082. In such a scenario, we will need to see a confirmation of support being established at this zone and a close higher above 1.8155 which will make EURUSD very bullish, targeting 1.19 – 1.2 areas.

USDJPY Daily Pivots

R3 119.961
R2 119.403
R1 118.667
Pivot 118.109
S1 117.373
S2 116.815
S3 116.079

USDJPY H1 Technical analysis pivot points January 14 2015 currency forex trading

USDJPY has been moving within the falling price channel and price action is currently hovering near the lower support line of the price channel. We could therefore expect to see a moderate rally towards the broken support zone of 118.212 – 118.065, which also shows confluence with the daily pivot level. A rally to the daily pivot will then make way for further declines in the USDJPY. The bearish price action could eventually decline to as low as 116.

GBPUSD Daily Pivots

R3 1.5321
R2 1.5256
R1 1.5208
Pivot 1.5143
S1 1.5093
S2 1.5028
S3 1.4979

GBPUSD H4 Technical analysis pivot points January 14 2015 currency forex trading

 

GBPUSD managed to erase the losses from the intraday news release of CPI and managed to close higher from yesterday’s lows. The cable is most likely to continue its upward correction as we maintain the corrective rally to go as high as up to 1.5486 to test the broken support level for resistance before resuming its bearish decline overall.