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EURUSD Daily Pivots

R3 1.2684
R2 1.263
R1 1.2587
Pivot 1.2533
S1 1.2491
S2 1.2437
S3 1.2393

 EURUSD November 5 2014 technical analysis pivot points forex trading outlook

EURUSD managed to break the support turned resistance level in the region of 1.252 and 1.255. Redrawing the bearish flag price channel we can expect to see steep declines in the event of a downside break out from the bearish flag, prices could target the region of 1.232, which is supported by the falling trend line. Alternatively, a break to the upside could see EURUSD retrace the previous, FOMC induced losses to test the daily resistance level 3 of 1.268. The only key risks to EURUSD is the services PMI from Spain and Italy and the retail sales data with the major market moving event, the ADP data due later in the day.

USDJPY Daily Pivots

R3 114.925
R2 114.487
R1 114.045
Pivot 113.607
S1 113.165
S2 112.727
S3 112.285

USDJPY November 5 2014 technical analysis pivot points forex trading outlook

USDJPY invalidated the descending triangle, into what now looks like a clear break out from the bull flag. A quick retest to the daily pivot level which shows confluence with the flag’s break out could see USDJPY aim towards 115.46, or the daily resistance 3 level of 114.925.

GBPUSD Daily Pivots

R3 1.6074
R2 1.6045
R1 1.6023
Pivot 1.5994
S1 1.5972
S2 1.5943
S3 1.5922

GBPUSD November 5 2014 technical analysis pivot points forex trading outlook

GBPUSD is currently consolidating to form a major ascending triangle which gives its price objective towards 1.607 levels. The bullish bias is validated by the daily charts bullish reversal pattern that has formed with the major driver being the services PMI data. The rally to 1.607 region also sees a retracement of the previous break out from the trend line as well.