EURUSD Daily Pivots
| R3 | 1.1616 |
| R2 | 1.1550 |
| R1 | 1.1447 |
| Pivot | 1.1381 |
| S1 | 1.1278 |
| S2 | 1.1212 |
| S3 | 1.1109 |
 
EURUSD briefly spiked towards 1.15 levels yesterday but eased back from the highs. Price action weakened towards late night yesterday and although we notice price breaking below the rising price channel, the recent declines come within a well supported price range of 1.13215. At the time of writing, EURUSD is likely to see a move towards the daily pivot level, which also marks a retest of the break out level. Should price action see a reversal near the daily pivots, we can expect to see declines in EURUSD. Alternatively, if we notice price moving back into the price channel, EURUSD could potentially prepare for a rally ahead of tomorrow’s NFP release.
USDJPY Daily Pivots
| R3 | 118.75 |
| R2 | 118.375 |
| R1 | 117.826 |
| Pivot | 117.451 |
| S1 | 116.902 |
| S2 | 116.527 |
| S3 | 115.978 |
USDJPY failed the inverted head and shoulders pattern yesterday and broke down below the 117.7 price levels. Price action is still trading within the short term price channel and currently formed a descending triangle pattern, which could see a possible break out to the upside. However, the immediate resistance comes in at the daily pivot level followed by the previous price zone at 117.7 regions. The upside targets from the break out of the descending triangle pattern targets 117.94, while a failure of the triangle pattern will see a test back to 117.129 followed by the lower support line of the price channel.
GBPUSD Daily Pivots
| R3 | 1.5353 |
| R2 | 1.5302 |
| R1 | 1.5241 |
| Pivot | 1.5190 |
| S1 | 1.513 |
| S2 | 1.5079 |
| S3 | 1.5018 |
As noted yesterday, GBPUSD continued its bullish momentum, rising as much as testing the previous broken support at 1.525 briefly before declining. The continuation pattern shows the consolidation break out from the rectangle shown in the chart. Price action dipped back to the break out level and looks poised for another test higher, this time with a close in the 1.525 levels price zone. From here on we will have to wait for further clues as this completes the test of the broken support level. We can expect a bit of consolidation to come into play and further direction likely after tomorrow’s NFP release.
