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EURUSD Daily Pivots

R3 1.2454
R2 1.2398
R1 1.2357
Pivot 1.2309
S1 1.2260
S2 1.2204
S3 1.2163

 EURUSD H1 December 9 2014 Technical analysis pivot poitns for currency trading forex

EURUSD staged a very decent reversal from the major support level at 1.22717 albeit managing to trade below this support for a few hours. Current price action is forming out to be a bullish flag pattern, which gives an upside target to 1.23791 – 1.23695 levels. This is the same price zone that had briefly acted as support in the past. A test of this level for resistance could see EURUSD start to decline. However, a rally to retest the major resistance at 1.242 is also likely.

USDJPY Daily Pivots

R3 123.256
R2 122.55
R1 121.618
Pivot 120.912
S1 119.98
S2 119.274
S3 118.342

USDJPY H1 December 9 2014 Technical analysis pivot poitns for currency trading forex

USDJPY broke down from the two trend lines to test the support at 120.845 levels. A quick rally to retest the broken trend line is indicative of a possible sharper decline to the next support level at 119.66. A major long term untested support does however sits at 118.974 which could be a good price level potentially attracting new buyers into the market.

GBPUSD Daily Pivots

R3 1.5844
R2 1.5761
R1 1.5706
Pivot 1.5623
S1 1.5569
S2 1.5486
S3 1.5431

GBPUSD H4 December 9 2014 Technical analysis pivot poitns for currency trading forex

GBPUSD managed to stage a rally to 1.5611 levels as noted in yesterday’s analysis. Current price action is critical as 1.5611 could potentially be tested for support, which would push the GBPUSD higher. A minor price channel plotted in the GBPUSD will be critical, as a break above the upper resistance line could pave way for yet another test to 1.572, following a rally to 1.581 on breakout from the congestion zone.