Search ForexCrunch

EURUSD Daily Pivots

R3 1.2734
R2 1.2674
R1 1.2604
Pivot 1.2544
S1 1.2473
S2 1.2413
S3 1.2342

 EURUSD pivotal points technical analysis November 3 2014 currency trading foreign exchange

EURUSD broke through the major support at 1.25 handle and opened this week lower at 1.2506 making a small down gap. We can expect price to rally towards filling this gap while also retracing the losses back towards the daily pivot level at 1.2544, a retest of this broken support for resistance. This could possibly pave way for more declines but could bounce off the down sloping trend line. Alternatively, if the resistance at 1.25 gives way, we can see a major correction towards 1.2635 handle.

USDJPY Daily Pivots

R3 116.741
R2 114.604
R1 113.365
Pivot 111.3
S1 110.162
S2 108.103
S3 106.886

USDJPY pivotal points technical analysis November 3 2014 currency trading foreign exchange

USDJPY looks to be retracing some of its past gains with this week opening higher and thus forming an up gap. The previous H4 candle closed to form a doji while the current candlestick also looks to be closing lower. The candlestick patterns are indicative of a corrective move, perhaps towards filling the gap or towards the daily pivot level at 111.314. To the upside, a longer term resistance level at 116.15 will likely to stall any further gains in USDJPY.

GBPUSD Daily Pivots

R3 1.6101
R2 1.6056
R1 1.6032
Pivot 1.5987
S1 1.5963
S2 1.5918
S3 1.5894

GBPUSD pivotal points technical analysis November 3 2014 currency trading foreign exchange

GBPUSD continues to paint a bit of a confusing picture with the H4 and daily charts still showing the inverted head and shoulders patterns being formed. On the H4 charts, current price action looks to be heading upwards to close in on the down gap formed over the weekend and the daily pivot level of 1.5987. The previously broken support level will have to hold as resistance to cap any upside gains. A break below 1.595 could invalidate GBPUSD’s potential inverted head and shoulders pattern and we could see more declines on this pair. Alternatively, if the resistance at 1.60 handle fails to cap prices, we could see the Cable set itself up for some major gains.