EURUSD Daily Pivots
| R3 | 1.1607 |
| R2 | 1.1546 |
| R1 | 1.1433 |
| Pivot | 1.1372 |
| S1 | 1.1259 |
| S2 | 1.1197 |
| S3 | 1.1084 |
 
As EURUSD failed to rise above 1.14015 and instead broke down below, we expect a short retracement towards the daily pivot to as high as 1.14015 following which we can expect a decline down to 1.11412, a major support level. To the upside, we expect a break above 1.14015 and potentially a higher close in order to take the bias for an upside move.
USDJPY Daily Pivots
| R3 | 121.764 |
| R2 | 120.492 |
| R1 | 119.72 |
| Pivot | 118.448 |
| S1 | 117.676 |
| S2 | 116.404 |
| S3 | 115.632 |
From Friday’s notes, price rallied to the expected target near 117.8 levels and closed higher. In the process, USDJPY has formed a bullish flag pattern near the support/resistance level. On a confirmed close or a bullish candlestick pattern near the support/resistance at 118.97, we can expect a continuation of the rally with the prospects of reaching 120.3, the minimum measured price objective of the bullish flag pattern. A close below the daily pivot level could potentially invalidate or weaken the flag pattern.
GBPUSD Daily Pivots
| R3 | 1.5467 |
| R2 | 1.5409 |
| R1 | 1.5326 |
| Pivot | 1.5268 |
| S1 | 1.5184 |
| S2 | 1.5127 |
| S3 | 1.5043 |
GBPUSD broke out from the rising price channel and looks to be currently retesting the break out levels. If successful and prices reversed without making a new high, we expect a decline down to 1.519 levels, which forms the first support zone. A break below this level could potentially target 1.515 support. Alternatively, should price rally higher, a break of the major price channel’s resistance line is required in order to see more gains in the pair.
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