EUR/USD, USD/JPY, GBP/USD Pivot Points, TA – December 9

EURUSD Daily Pivots

EURUSD (1.05): EURUSD has posted declines for four consecutive days in a row with yesterday’s price closing at 1.0564. With the Stochastics oscillator trading in the oversold region below 20, a potential correction is likely which could see prices correct to the nearest resistance level at 1.0697 at the very least. EURUSD has broken out from the falling price channel recently and a close above 1.06 could see a move towards 1.07 region of resistance in the near term. The Stochastics on th 4-hour chart has moved out from the oversold level, indicating a possible move to the upside. Failure to retest 1.07 could mean further downside for EURUSD with a test to 1.0488.

USDJPY Daily Pivots

USDJPY (122.8): USDJPY broke out from the consolidation yesterday closing on a bullish note at 123.105. A further upside continuation could see prices test the previous highs at 122.868 followed by 123.775, marking the bull flag’s target. Failure to break above 122.868 could however keep the USDJPY either moving back into consolidation or push lower on break below 122.57. On the 4-hour chart, USDJPY broke out from the falling price channel and is currently trading close to the 122.845 level of support/resistance. Establishing support at 122.845 will keep the bullish view intact, but a failure to hold above 122.845 could push USDJPY lower towards 121.921.

GBPUSD Daily Pivots

GBPUSD (1.50): GBPUSD closed on a bullish note yesterday and is back towards 1.509 region of support/resistance. O the 4-hour chart, prices broke out from the falling price channel and continued to move higher. A move to the downside could see GBPUSD test the support at 1.5037, which will pave way for a correction to the previously untested resistance at 1.5239. To the downside, failure to hold prices at 1.5037 will see GBPUSD push lower to 1.4961.

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