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EURUSD Daily Pivots

R3 1.2483
R2 1.2379
R1 1.2361
Pivot 1.2316
S1 1.224
S2 1.2194
S3 1.2118

 EURUSD H1 chart technical analysis December 8 2014 pivot points Technical analysis

EURUSD continues to consolidate just above the major support line. Today’s price action could possibly see a rally to the daily pivot level before pushing lower. Price is most likely to continue to consolidate either for a break of the support line at 1.2271 level for deeper decline or a possible rally back to the broken minor support at 1.23695.

USDJPY Daily Pivots

R3 124.142
R2 122.915
R1 122.162
Pivot 120.935
S1 120.182
S2 118.955
S3 118.202

USDJPY H1 chart technical analysis December 8 2014 pivot points Technical analysis

Weaker fundamentals from Japan continue to put upside pressure on USDJPY with the pair opening with a small up gap that was duly filled. A decline to the daily pivot at 120.935 cannot be ruled out with a test of the second trend line. To the upside, major resistance at 123.8 level lies ahead.

GBPUSD Daily Pivots

R3 1.5783
R2 1.5739
R1 1.5658
Pivot 1.5614
S1 1.5535
S2 1.5488
S3 1.5407

GBPUSD H4 chart technical analysis December 8 2014 pivot points Technical analysis

With the break of the lower end of the horizontal price channel and the minor rising trend line, GBPUSD could possibly see a modest rally towards 1.56117 levels before declining towards the major support level at 1.5486 levels.