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EURUSD Daily Pivots

R3 1.2611
R2 1.254
R1 1.2499
Pivot 1.2428
S1 1.2388
S2 1.2316
S3 1.2271

 EURUSD Technical analysis Pivot Points November 10 2011 currency trading forex sentiment

As mentioned in the previous daily analysis, EURUSD managed to rally back to test the previous broken support at 1.2466. Further upside gains could likely stall near the break out price level of the bearish flag near 1.25278 for a move back towards the lows of 1.2271 level. Alternatively, a break of resistance near 1.25278 could see a rally1.26358

USDJPY Daily Pivots

R3 116.682
R2 116.138
R1 115.343
Pivot 114.799
S1 114.004
S2 113.46
S3 112.665

USDJPY Technical analysis Pivot Points November 10 2011 currency trading forex sentiment

USDJPY weakened since Friday’s close and looks set to test the region near the daily support 2 level of 113.460, the break out level of the bullish flag. However, a break of 114.176 is required in order to achieve this objective. If 113.46 manage to hold, we could see USDJPY rally towards the daily pivot level before declining further.

GBPUSD Daily Pivots

R3 1.6009
R2 1.5948
R1 1.5913
Pivot 1.5851
S1 1.5816
S2 1.5755
S3 1.5720

GBP Technical analysis Pivot Points November 10 2011 currency trading forex sentiment

As expected from the previous analysis, GBPUSD did manage to rally back towards the region of 1.5872. Having broken this level, GBPUSD could test it for support for further upside moves towards the next resistance level of 1.595. Alternatively, a break of the support at 1.5872 could see the Cable decline towards 1.58 followed by 1.5742