EURUSD Daily Pivots
| R3 | 1.1152 |
| R2 | 1.1035 |
| R1 | 1.0845 |
| Pivot | 1.0729 |
| S1 | 1.0539 |
| S2 | 1.0422 |
| S3 | 1.0232 |
 
EURUSD declined from the highs of 1.089 and is currently trading back in its usual price zone. But price action is now comfortably above the rising trend line with the previous peak being tested for support at 1.06344. This would either mean that the Euro could see or attempt another rally or simply collapse from the trend line breaking below the support at 1.063. This would open up the gates to a test back to 1.0506 levels. Alternatively, if the trend line holds, EURUSD could possibly test upwards to the daily pivot level, which also has confluence with a previous support/resistance level at 1.07344. A confirmation of broken resistance turning to support at 1.07344 could see a leg higher towards 1.083.
USDJPY Daily Pivots
| R3 | 122.684 |
| R2 | 121.855 |
| R1 | 121.321 |
| Pivot | 120.498 |
| S1 | 119.964 |
| S2 | 119.142 |
| S3 | 118.608 |
USDJPY was back near the 120.8 levels having found support near the 120.16 support lower alongside the confluence of the rising price channel. A break above 120.8 is essential, but will see price action yet again enter into a squeeze before an imminent break out. The downside supports look strong enough to hold on to the declines, with 120.465, 120.16 and the rising price channel’s support line all in sync. But a break from this level could pose serious risks as the next major support comes in at 118.4.
GBPUSD Daily Pivots
| R3 | 1.5268 |
| R2 | 1.5139 |
| R1 | 1.4947 |
| Pivot | 1.4818 |
| S1 | 1.4626 |
| S2 | 1.4496 |
| S3 | 1.4304 |
GBPUSD drifted lower for most of yesterday and seems to have capped near 1.47714 support/resistance level. If resistance holds, we could see a dip down to 1.47225 followed by a decline to 1.4635 levels. However, if any of these levels hold up, we could see the GBPUSD start to move in a tight range. To the upside, the next resistance comes in at the daily pivot level around 1.4821.
