EUR/USD Continued With A Bullish Close Yesterday At 1.0967
ORBEX | Dec 29, 2015 03:57AM ET
EUR/USD Daily Pivots
R3 1.1033 R2 1.1011 R1 1.0989
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1.0968
S1 1.0945 S2 1.0925 S3 1.0902
EUR/USD (1.09): EUR/USD continued with a bullish close yesterday at 1.0967. The daily chart which shows the head and shoulders pattern still remains in play with 1.0984 being the key level. A daily close at or above this price level could invalidate the pattern. On the 4-hour chart, prices are currently trading outside the median line and below the 1.10 level of resistance. However, prices look to be supported above 1.095 - 1.0932 level of support. A break below this support will see a decline down to the neckline support at 1.0815 - 1.08 region. The Stochastics have also moved lower from the 80 overbought level and a follow through could signal a move to the downside.
USD/JPY Daily Pivots
R3 121.099 R2 120.863 R1 120.635
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120.399
S1 120.171 S2 119.928 S3 119.702
USD/JPY (120.3): USD/JPY closed on a bullish note yesterday after testing the lows of 120.16. A potential correction could see a test to 121.2 level of broken support to establish resistance. On the 4-hour chart USD/JPY continues to gradually trend lower but points to a potential break out to the upside. 120.815 is the level to watch for, which if broken could see a move to 121.2 - 121.4 level of resistance. The 4-hour Stochastics is currently showing a bullish divergence with the lows being confirmed by higher lows.
GBP/USD Daily Pivots
R3 1.4979 R2 1.4957 R1 1.4917
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1.4896
S1 1.4856 S2 1.4834 S3 1.4796
GBP/USD (1.49): GBP/USD has formed an inside bar yesterday and a break above the high of 1.4954 could signal a strong move to the upside. With prices bouncing off the outer median line on the 4-hour chart time frame and the Stochastics also turning bullish near the 20-level, GBP/USD could see a move to test the broken support zone near 1.496 - 1.494 to establish resistance. In the event prices break above this zone, a move to 1.51 is likely.
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