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EURUSD Daily Pivots

R3 1.2919
R2 1.2867
R1 1.2833
Pivot 1.2781
S1 1.2747
S2 1.2696
S3 1.2661

 EURUSD Pivot Points Technical analysis outlook October 21 2014

The EURUSD looks to be heading towards testing a long term resistance level at 1.283 level, which managed to hold in the past two occasions. A successful test of resistance could see the first decline towards the daily pivot at 1.27819, which also shows confluence with a short term rising trend line. A break of this level would indicate a decline towards the major support lower below the daily support level 1 at 1.2747.

USDJPY Daily Pivots

R3 107.91
R2 107.652
R1 107.3
Pivot 107.042
S1 106.69
S2 106.432
S3 106.08

USDJPY Pivot Points Technical analysis outlook October 21 2014

From the daily pivot levels, we notice that the range of the USDJPY has reduced quite significantly, pointing to a possible break out later in the week. USDJPY yet again failed to fill the gap at 107.74 and broke below the short term rising trend line with current price action testing the support level at 106.4. Further declines could target the next H1 charts bottom at 105.678. Alternatively, a rally from the 106.4 support could target the longer term resistance at 107.35

GBPUSD Daily Pivots

R3 1.6301
R2 1.624
R1 1.6202
Pivot 1.6141
S1 1.6103
S2 1.6042
S3 1.6

GBPUSD Pivot Points Technical analysis outlook October 21 2014

A fake-out from the ascending wedge found support near the support level of 1.61 after which GBPUSD managed to push higher to settle back into the ascending wedge. The cable is now trading near a long term resistance at 1.6171 which saw a small decline on the first attempt. A break above the resistance could see the cable targeting the H1 chart’s top at 1.62145. At the end of the ascending wedge we also see a small bullish flag pattern with the break out occurring quite recently, this small pattern gives a target to 1.625, just a few pips below the major resistance at 1.627 – 1.629 (not shown on chart). The risk to the minor bullish flag of course comes from the overhead resistance level right above the flag pattern.