Daily Forex Preview for December 15, 2015

December 15, 2015

EURUSD Daily Pivots

EURUSD (1.10): EURUSD continues to build strong bearish divergence off the 1.10 region. Prices initially declined only to find support near the confluence of the 1.094 horizontal support and the rising minor trend line. Another attempt to test 1.10 region could remain a possibility. The daily chart shows yesterday's price action closing in a spinning top pattern. A break below yesterday's lows of 1.0945 could signal a move lower to 1.0825 initial support. To the upside, a break above yesterday's high of 1.1048 could see a move higher to 1.11 region at the very least. However, with the 4-hour Stochastics continuing to print lower highs against the higher highs, there is a risk of a break down in prices. Below 1.094 support, the next main level of resistance is at 1.0825 - 1.08 which could hold the declines.

R3

1.1147

R2

1.1098

R1

1.1043

Pivot

1.0994

S1

1.0940

S2

1.0891

S3

1.0837

USDJPY Daily Pivots

USDJPY (120.8): USDJPY tested a new low yesterday to 120.345 but pulled back to close the day with a near spinning bottom candlestick pattern. A higher close is needed today in order for prices to correct in the near term. To the downside, there is a strong bias for further declines to 120 and below 119 region. The previous falling price channel continues to act as dynamic support with price showing strong consolidation at this region of 121 - 120.5. With prices trading inside the new falling price channel, a break above 121 is essential for a rally towards 121.7 - 121.92 region. To the downside, a break below previous low could see a test to 120.275.

R3

122.485

R2

121.919

R1

121.472

Pivot

120.906

S1

120.459

S2

119.895

S3

119.444

GBPUSD Daily Pivots

GBPUSD (1.51): GBPUSD closed yesterday on a strong bearish engulfing pattern which could see prices dip down to 1.512 - 1.509 support off the daily chart. Yesterday's price action managed to touch down to the lower support at 1.5142 - 1.5126 as expected and this support has offered a short term bounce to the upside. Prices will need to break above the previous high at 1.522 in order to move higher, but the rally could again be limited below 1.524 resistance. To the downside, a break below 1.5126 could see GBPUSD test the lows of 1.5037 support.

R3

1.5336

R2

1.5283

R1

1.5212

Pivot

1.5159

S1

1.5088

S2

1.5035

S3

1.4964

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