Search ForexCrunch

EURUSD Daily Pivots

R3 1.2364
R2 1.2332
R1 1.2282
Pivot 1.225
S1 1.2199
S2 1.2168
S3 1.2117

 EURUSD H4 Technical analysis pivot points outlook for currency trading forex December 22 2014

EURUSD is trading below the major support level at 1.2271 level but the latest H4 candlesticks show a bullish reversal pattern potentially taking shape, which could lift the Euro back above the support level. In such an event, we could see a break of the falling trend line and on a retest of support, a possible retest back to 1.23695 levels. Alternatively, if the support at 1.2271 turns to resistance, EURUSD could look towards the next support at 1.2062.

USDJPY Daily Pivots

R3 120.565
R2 120.095
R1 119.766
Pivot 119.296
S1 118.967
S2 118.497
S3 118.168

USDJPY H1 Technical analysis pivot points outlook for currency trading forex December 22 2014

USDJPY looks imminent for declines in the week as the pair broke out from the rising price channel. Failure to break above the resistance at 119.66 could indicate a potential decline towards 118.97 levels, which could bring some renewed strength into the Dollar Yen. A likely rally from support of 118.974 could possibly look to break the resistance at 119.66 this time around. A break below 118.974 could however clear way for more declines back to 117.614.

GBPUSD Daily Pivots

R3 1.5749
R2 1.5715
R1 1.5672
Pivot 1.5638
S1 1.5596
S2 1.5562
S3 1.5519

GBPUSD H4 Technical analysis pivot points outlook for currency trading forex December 22 2014

GBPUSD looks poised for more declines with the latest consolidation forming into a possible bearish pennant pattern. A break below the major support at 1.567 is essential to raise the conviction of a downside move, while the resistance at 1.5723 will be essential in capping any potential rallies..