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EURUSD Daily Pivots

R3 1.2269
R2 1.2247
R1 1.2211
Pivot 1.2189
S1 1.2153
S2 1.2132
S3 1.2096

 EURUSD H4 Pivot points technical analysis December 29 2014 forex trading using charts

EURUSD continues to drift lower towards 1.2188 but a retest to the broken support level at 1.2271 is still on the cards. Current price action shows price trading close to below the falling resistance trend line. A break of this trend line could see a possible rally back to the broken support with the potential to test higher towards the second trend line higher.

USDJPY Daily Pivots

R3 120.939
R2 120.701
R1 120.552
Pivot 120.314
S1 120.165
S2 119.927
S3 119.778

USDJPY H1 Pivot points technical analysis December 29 2014 forex trading using charts

USDJPY formed a strong bearish candlestick on the H1 charts, which could potentially aim towards an intraday decline towards the daily pivot level at 120.314 with a major support formed at 120.05 level, a likely test down to this level. If support is established on this retest, USDJPY could look for gains in the medium term, while a break below this level will see USDJPY look to dip lower to 119.66 level.

GBPUSD Daily Pivots

R3 1.5599
R2 1.5584
R1 1.5567
Pivot 1.5553
S1 1.5537
S2 1.5521
S3 1.5506

GBPUSD H4 Pivot points technical analysis December 29 2014 forex trading using charts

The sharp retracement rally in GBPUSD is currently forming a bearish flag pattern but the potential to retest the broken support of the range at 1.561 could invalidate the bearish flag pattern. However the risks to the downside remain in GBPUSD targeting previous lows to 1.5486.