EUR/USD, GBP/USD, USD/JPY Pivot Points and TA – January

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EURUSD Daily Pivots

R3 1.2176
R2 1.214
R1 1.2071
Pivot 1.2036
S1 1.1966
S2 1.1931
S3 1.1861

EURUSD H1 January 5 2015 technical analysis chart pivot points for currency trading forex

EURUSD opened the week making a large spike to the downside, hitting an intraday session low to 1.1868 while leaving a down gap as well at 1.20. If price action looks to push higher, we could see a rally to fill this gap while also spiking higher towards the daily pivot level at 1.2036 while also noting that Friday’s pivot level did not get filled. Therefore a potential rally to the major broke support at 1.20626 cannot be ruled out.

USDJPY Daily Pivots

R3 121.933
R2 121.338
R1 120.912
Pivot 120.317
S1 119.891
S2 119.296
S3 118.870

USDJPY H1 January 5 2015 technical analysis chart pivot points for currency trading forex

USDJPY failed to make a higher high after hitting session highs on Friday at 120.742, just short of 120.8 highs, which is also a resistance level. Plotting the minor intraday trend line, a break below it could see USDJPY decline lower to 119.66 levels. Alternatively, if the trend line support holds near the daily pivot level, we could see another attempt to the upside, which should be aiming for an initial break above 120.742..

GBPUSD Daily Pivots

R3 1.5763
R2 1.5674
R1 1.5503
Pivot 1.5416
S1 1.5245
S2 1.5156
S3 1.4986

GBPUSD H4 January 5 2015 technical analysis chart pivot points for currency trading forex
GBPUSD opened today’s trading session spiking lower hitting a new yearly low of 1.51884. The decline however seems to be supported by the lower support line of the falling price channel. We could expect to see a bit of choppy price movement, with a possible rally to the daily pivot level price of 1.5415 as well as a potential test of the broken support at 1.5486 for resistance before we can expect to see further declines in the pair.

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About Author

James Chen is Chief Technical Strategist for City Index Group. He is also a Chartered Market Technician. He is the author of the books: "Essentials of Foreign Exchange Trading" (John Wiley & Sons, 2009) and "Essentials of Technical Analysis for Financial Markets" (John Wiley & Sons, 2010). Mr. Chen writes currency analysis, leads forex trading seminars and has appeared in numerous major financial media outlets, including CNBC, Bloomberg TV, Forbes, Reuters, Dow Jones, and the Associated Press.

1 Comment

  1. We see natural gas futures going up in historic fashion . They can ignite up .50 a dollar fast. We see a move above 9. We see huge short in oil 5to 7 dollars. Natural will be the the commodity of the the yr 2015. Like coffee yr prior