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EURUSD Daily Pivots

R3 1.2651
R2 1.2592
R1 1.2482
Pivot 1.2422
S1 1.2319
S2 1.2254
S3 1.2145

 EURUSD Pivot Points November 7 2014 technical analysis for currency trading forex

After a brief rally to retest the bearish flag break out price at the support/resistance level of 1.255 – 1.252, EURUSD declined breaking the interim support at 1.2466. The pair is now at a familiar support level but further declines are on the cards. We can expect to see a brief rally back towards the daily pivot or a test of the broken support at 1.2466 for further declines towards 1.227. Upside gains are likely limited to 1.2466, a failure of which could see EURUSD push higher to retest the main resistance zone of 1.255 and 1.252.

USDJPY Daily Pivots

R3 117.243
R2 116.38
R1 115.794
Pivot 114.931
S1 114.345
S2 113.482
S3 112.896

USDJPY Pivot Points November 7 2014 technical analysis for currency trading forex

USDJPY continues to be swift in its bullish momentum, despite intra-day weakness the pair had made a brief test of the high of the bull flag at 114.176 before resuming higher. We can expect to see a drop towards the daily pivot level before the pair can push higher towards the next price objective of 118.33. The key risk however being that if the daily pivot fails to contain the declines, we could actually see a steeper correction towards the flag’s break out price zone of 113.56

GBPUSD Daily Pivots

R3 1.6125
R2 1.6063
R1 1.5947
Pivot 1.5872
S1 1.5769
S2 1.5708
S3 1.5591

GBPUSD Pivot Points November 7 2014 technical analysis for currency trading forex

The Cable has finally managed to find direction after consolidating for most of this week. Yesterday, the pair broke the support level zone of 1.5884 – 1.5872 and looks steady for a decline towards 1.5742. A retest to the daily pivot from the current levels could see a retest of the broken support for resistance before declining further. Alternatively, the failure of resistance at 1.5884 -1.5872 to hold the rally could see GBPUSD push higher to test the next resistance at 1.595