EURUSD Daily Pivots
| R3 | 1.1094 |
| R2 | 1.0999 |
| R1 | 1.0939 |
| Pivot | 1.0844 |
| S1 | 1.0784 |
| S2 | 1.0689 |
| S3 | 1.0628 |
 
EURUSD continued to push higher after the breakout from the falling price channel. It was marked by a consolidated triangle pattern, whose minimum objective was to 1.08505. This level also marks a previous support/resistance level near 1.0857. Combining these two price points, we can expect EURUSD to test the support between 1.08505 – 1.0857 before breaking higher. If price action attempts a break above yesterday’s high of 1.09046 without testing support, it could indicate that EURUSD could break the support and decline. We also notice, what could potentially turn out to be a bullish flag pattern taking shape right now, which gives an upside target to 1.1 levels.
USDJPY Daily Pivots
| R3 | 120.365 |
| R2 | 120.127 |
| R1 | 119.918 |
| Pivot | 119.688 |
| S1 | 119.479 |
| S2 | 119.241 |
| S3 | 119.039 |
USDJPY has hit resistance at 120.26 which marks a previous horizontal resistance level and the trend line of the falling price channel. Price action is currently showing a bearish flag pattern which gives a downside minimum measured move to 119.045. A break below 119.045 will then see a test to 118.414. Alternatively, a break above 120.26 will invalidate this idea and could potentially turn USDJPY bullish, targeting 121.175.
GBPUSD Daily Pivots
| R3 | 1.4963 |
| R2 | 1.4916 |
| R1 | 1.4872 |
| Pivot | 1.4824 |
| S1 | 1.4779 |
| S2 | 1.4731 |
| S3 | 1.4687 |
GBPUSD is poised for continuing its third week of ranging price action albeit the range has widened to 1.495 and 1.476 levels. Support below 1.476 comes at 1.4722 which shows that price action could be difficult to break lower for the moment. To the upside, the resistance at 1.4955 will have to be broken for further gains. It would be best to stay aside GBPUSD until this range is broken before further direction or bias is established.
