EURUSD Daily Pivots
| R3 | 1.2924 |
| R2 | 1.2881 |
| R1 | 1.2798 |
| Pivot | 1.2755 |
| S1 | 1.2672 |
| S2 | 1.263 |
| S3 | 1.254 |
 
The resistance at 1.2828 managed to hold with the EURUSD declining close to previous support level of 1.271. We expect EURUSD to enter a period of congestion with the ranging price action likely to continue further. Intra-day, the EURUSD could see a small rally towards the daily pivot level before pushing lower back to test the major support at 1.271 a break of which will target 1.2631 near the daily support level 2.
USDJPY Daily Pivots
| R3 | 108.035 |
| R2 | 107.529 |
| R1 | 107.263 |
| Pivot | 106.757 |
| S1 | 106.491 |
| S2 | 105.985 |
| S3 | 105.659 |
USDJPY’s current price action shows a lower high being created while trading within the channel that is sloping downwards. However a major support near the daily pivot needs to be broken to pave way for the lower channel line to be broken to confirm any downside moves. Alternatively, if the support near the daily pivot holds, we can expect to see further gains back towards the daily resistance level 1 of 107.25 regions.
GBPUSD Daily Pivots
| R3 | 1.6236 |
| R2 | 1.621 |
| R1 | 1.6162 |
| Pivot | 1.6136 |
| S1 | 1.6087 |
| S2 | 1.6061 |
| S3 | 1.6013 |
GBPUSD managed to eventually break down from the rising wedge and reversed near a short term support level of 1.611. The daily pivot, combined with the technical resistance at 1.61365 is likely to cap any upside gains for a decline towards 1.611 and eventually towards 1.607. The key risk to GBPUSD is today’s BoE asset purchases and bank rate vote count and the US monthly CPI data.
