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EURUSD Daily Pivots

R3 1.2535
R2 1.2506
R1 1.2471
Pivot 1.2442
S1 1.2407
S2 1.2378
S3 1.2343

 EURUSD H1 Technical analysis pivot points December 16 2014 currency trading forex

EURUSD was trading within a range after making an intraday high to 1.2477 yesterday and has been trading right above the major support/resistance level that we have been watching. A bullish reversal later during the US trading session puts EURUSD for further upside gains as long as the minor resistance near 1.246 is broken, which would then target the next resistance at 1.248.

USDJPY Daily Pivots

R3 120.218
R2 119.638
R1 118.728
Pivot 118.149
S1 117.24
S2 116.66
S3 115.75

USDJPY H1 Technical analysis pivot points December 16 2014 currency trading forex

USDJPY broke down after failing to break the resistance at 118.87 levels to close at lows near 117.61. Today’s price action in early Asian trading shows continued strength in the Yen as the pair struggles to break above the support noted at 117.614. A rally to the daily pivot level at 118.149 is likely before USDJPY declines further targeting the next support zone near 115.9 – 115.85 levels.

GBPUSD Daily Pivots

R3 1.5866
R2 1.5806
R1 1.5721
Pivot 1.5661
S1 1.5576
S2 1.5516
S3 1.5430

GBPUSD H4 Technical analysis pivot points December 16 2014 currency trading forex

GBPUSD failed to clear the upper end of the range near 1.5723 and posted steep declines yesterday briefly touching the lower end of the range at 1.561. Current price action is starting to look bearish with the possibility that we could see another retest down to 1.561 with the potential of breaking below this level targeting previous lows to 1.554