EURUSD Daily Pivots
| R3 | 1.1489 |
| R2 | 1.1466 |
| R1 | 1.1426 |
| Pivot | 1.1402 |
| S1 | 1.1363 |
| S2 | 1.1339 |
| S3 | 1.1300 |
 
EURUSD continues to trade below the rising trend line, however the pair has formed a bullish flag pattern, which if validated could soon see some upside. A break of the bull flag is essential, but we also expect a modest decline to the daily pivot level from where, the pair could possibly rally towards the bull flag’s minimum objective price of 1.1517. To the downside, failure to validate the bull flag, could see price continue to remain choppy before declining to the lower support level at 1.1316
USDJPY Daily Pivots
| R3 | 119.973 |
| R2 | 119.586 |
| R1 | 119.187 |
| Pivot | 118.800 |
| S1 | 118.4 |
| S2 | 118.041 |
| S3 | 117.615 |
USDJPY is currently trading near the identified neckline of the head and shoulders pattern. If price stays above this neckline, we can expect to see a rally to the upside to form a right shoulder with the possible reversal near 119.16 or to 119.8 levels. We would however prefer to wait for the pattern to be formed before looking for possible price movements in the USDJPY.
GBPUSD Daily Pivots
| R3 | 1.5473 |
| R2 | 1.5447 |
| R1 | 1.5422 |
| Pivot | 1.5396 |
| S1 | 1.5371 |
| S2 | 1.5346 |
| S3 | 1.5320 |
GBPUSD has broken out from the bullish flag which gives a minimum objective towards 1.553 levels. We however expect to see a dip towards either 1.533 or to 1.529 before the rally resumes. Failure to hold prices near 1.533 or 1.529 could see the bullish flag being invalidated with a decline towards the next major support at 1.5258.
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