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EURUSD Daily Pivots

R3 1.2942
R2 1.2851
R1 1.2802
Pivot 1.2711
S1 1.2661
S2 1.257
S3 1.252

 EURUSD Pivot Points Technical analysis outlook October 14 2014

EURUSD, as with most other majors was relatively tight and range based during yesterday’s trading session. The price action however seems to confirm that the complex inverted head and shoulders pattern is indeed valid as price resumed to close above the neckline, paving way for further gains towards 1.2828. Immediate resistance comes in at the previous high at 1.2784

USDJPY Daily Pivots

R3 108.206
R2 107.909
R1 107.371
Pivot 107.074
S1 106.536
S2 106.239
S3 105.701

USDJPY Pivot Points Technical analysis outlook October 14 2014

Despite the weekend gap being formed, USDJPY only managed to rally to 107.57 before declining again. The descending triangle’s target is yet to be achieved at 106.4. Current price action looks like USDJPY could test the major support that was broken at 107.356 for resistance before declining towards the final price objective of 106.4. On a larger perspective, from the H4 charts, we also notice a previous unfilled gap at 106.22 levels which the current declines in USDJPY could likely target.

GBPUSD Daily Pivots

R3 1.6199
R2 1.6163
R1 1.6124
Pivot 1.6087
S1 1.6048
S2 1.6012
S3 1.5973

GBPUSD Pivot Points Technical analysis outlook October 14 2014

With a quiet trading session yesterday, GBPUSD was trading sideways without any clear direction or bias. We do notice price make a small rally back to test the rectangle breakout zone, testing it for resistance, while forming a minor rising support trend line. There is also a confluence with a previously known support level near 1.60416, which if it holds could see GBPUSD push higher. To the downside, a break of 1.60416 could see a break of the rising support line, which could be tested for resistance, paving way for further declines to test the major long term support/resistance trend line.