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EURUSD Daily Pivots

R3 1.2893
R2 1.2842
R1 1.2765
Pivot 1.2714
S1 1.2638
S2 1.2587
S3 1.251

 EURUSD Pivot Points Technical analysis outlook October 10 2014

On the hourly charts, EURUSD managed to retrace its gains back to the neckline to test for support. We can expect further gains for EURUSD with the upside gains coming close to 1.2828. Trading EURUSD is expected to be relatively light with no fundamentals due for today, with the exception of industrial production data from France and Italy and ratings update from S&P and Moody’s.

USDJPY Daily Pivots

R3 109.049
R2 108.683
R1 108.262
Pivot 108.896
S1 107.475
S2 107.109
S3 106.688

USDJPY Pivot Points Technical analysis outlook October 10 2014

USDJPY seems to have validated the descending triangle pattern on the hourly charts, giving a downside objective towards 106.4/.5 levels. A quick retest of the support level at 108.103 seems to have validated the support for resistance, but a more firm retest is likely to seal the deal for further declines.

GBPUSD Daily Pivots

R3 1.6317
R2 1.6272
R1 1.6194
Pivot 1.6149
S1 1.6072
S2 1.6026
S3 1.5949

GBPUSD Pivot Points Technical analysis outlook October 10 2014

GBPUSD has been consolidation along the previous highs prior to the break out from the trend line which gives a potential decline towards 1.607. Failure to decline further could give an upward bias to GBPUSD back to first resistance level at 1.617, a break of which could see further upside gains. If the support at 1.607 gives way, we could see a test of the trend line with more declines likely.