EUR/USD, USD/JPY, GBP/USD Pivot Points, TA – September 1

EURUSD Daily Pivots

 

EURUSD (1.12): EURUSD is attempting to form a basing pattern after declining to 1.1187. However a bullish close is required today for confirmation ahead of a possible upside rally. The support level at 1.117 looks to be holding the declines at the moment while to the upside, resistance at 1.1335 could cap the rallies. With price trading inside the rising price channel, it is essential that EURUSD forms support at 1.1335 – 1.13575 level, which is currently the resistance level to watch. A successful test of support at this level could confirm further upside in EURUSD to target 1.15.

USDJPY Daily Pivots

USDJPY (120.7): USDJPY is forming a reversal pattern after retracing some of its losses at 121.5. However, there is a risk of a possible rally to fill the gap at 122.145 which sits just a few pips above the main resistance at 122 – 121.7 region. To the downside, price is currently testing the lower support at 120.8 region and we could expect some sideways price action. A break below 120.8 could push USDJPY to the previous lower support at 119.10.

GBPUSD Daily Pivots

GBPUSD (1.53): GBPUSD declined to the previous lows near 1.533 and has formed a strong reversal pattern at this low which marks a reversal for the second time. The Cable will have to break above the previous highs at 1.543 in order to ascertain some upside bias but the strong resistance zone near 1.55 – 1.5455 could potentially keep the GBPUSD trading sideways. To the downside, the next main support at 1.533 remains to be tested and any we

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