Daily Forex Preview for December 04, 2015

December 4, 2015

EURUSD Daily Pivots

R3

1.1565

R2

1.1270

R1

1.1103

Pivot

1.0812

S1

1.0642

S2

1.0350

S3

1.0184

EURUSD (1.09): EURUSD's strong reversal off 1.051 - 1.059 support level on the daily time frame has seen prices break above 1.0876 - 1.083 level of resistance. Expecting a pullback to this price level to establish support will likely keep the bullish bias intact with the potential to rally to 1.10 level in the near term. Support comes in at 1.0825 ahead of a move towards 1.10. In the event that EURUSD fails the support at 1.083 region, prices could remain range bound within the mentioned support/resistance levels.

USDJPY Daily Pivots

R3

124.604

R2

124.077

R1

123.339

Pivot

122.823

S1

122.085

S2

121.558

S3

120.820

USDJPY (122.5): USDJPY's strong bearish engulfing formed yesterday has seen prices fall back to the previous support near 122.5. The bull flag pattern still remains in play but comes under increasing pressure of a failure. A drop below 122.5 could see a test to 122.5, the next support level. On the 4-hour chart time frame, the median line break has confirmed the downside view and 122.3 is the next level to watch which could offer a short term bounce. However, with the Stochastics forming a strong bearish divergence on the daily chart, the bias remains to the downside for now.

GBPUSD Daily Pivots

R3

1.5487

R2

1.5323

R1

1.5233

Pivot

1.5069

S1

1.4979

S2

1.4813

S3

1.4724

GBPUSD (1.51): GBPUSD formed a strong bullish engulfing pattern yesterday pushing prices just above 1.5121 level of support/resistance. A break higher above 1.5121 could see GBPUSD attempt to test the previous resistance level near 1.52 region. The 4-hour chart on GBPUSD shows prices trending strongly on breakout above 1.50375 with the upside target coming in at 1.524, marking the previous breakout from the rising price channel. A dip to the downside could see prices being tested at 1.5037 for support.

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