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EURUSD Daily Pivots

R3 1.1669
R2 1.1641
R1 1.1595
Pivot 1.1567
S1 1.1521
S2 1.1493
S3 1.1446

 EURUSD H1 Technical analysis January 21 2015 pivot points for currency trading forex

EURUSD continues to range sideways with no clear direction at the moment. We expect EURUSD to continue this range trading into the run up to the ECB meeting this Thursday. To the downside, the potential support at 1.491 is likely to hold prices further, while to the upside, gains are likely to be capped by the falling trend line.

USDJPY Daily Pivots

R3 120.571
R2 119.719
R1 119.267
Pivot 118.415
S1 117.963
S2 117.111
S3 116.659

USDJPY H1 Technical analysis January 21 2015 pivot points for currency trading forex

USDJPY broke out from the price channel to test the resistance near 118.87 before the break down. We could expect a minor retracement towards the support/resistance level near 118.2 – 110.06 before USDJPY declines lower. The support at 117.646 will have to be cleared in order to target the support at 116.339.

GBPUSD Daily Pivots

R3 1.535
R2 1.5274
R1 1.5209
Pivot 1.5134
S1 1.5069
S2 1.4994
S3 1.4929

GBPUSD H1 Technical analysis January 21 2015 pivot points for currency trading forex

GBPUSD could possible decide on its direction today. A potential dip towards 1.5112 for support could see the Cable aim towards its long pending correction towards 1.54. However, the most likely target to the upside will be the support/resistance level between 1.525 and 1.528. We also notice the bullish flag being formed, which shows a potential break out to the upside.