EURUSD Daily Pivots
| R3 | 1.0945 |
| R2 | 1.0894 |
| R1 | 1.0812 |
| Pivot | 1.0762 |
| S1 | 1.068 |
| S2 | 1.063 |
| S3 | 1.0548 |
EURUSD eventually reached the target of 1.07302 yesterday, the measured move from the break out of the rising wedge pattern. Price has now formed a falling price channel and looks to be currently testing the upper end of the channel. A test towards 1.0806 is evident and if successful as resistance, we could see further declines in the near term towards the target of 1.06344. However, should price break out of the falling channel and test back to the support at 1.07302, the view could shift to bullish upon break of the resistance at 1.0806
USDJPY Daily Pivots
| R3 | 120.992 |
| R2 | 120.678 |
| R1 | 120.406 |
| Pivot | 120.092 |
| S1 | 119.820 |
| S2 | 119.5 |
| S3 | 119.227 |
USDJPY has found resistance near the previous break out level at 120.16 and is currently pushing lower. We expect that USDJPY could weaken further and test the lows of 118.414. In the event price does break out from the falling price channel, USDJPY could in fact turn bullish and confirm the same on break out above 120.16. To the upside, there is a lot of resistance at different levels and this could slow down the bullish momentum in the currency.
GBPUSD Daily Pivots
| R3 | 1.4988 |
| R2 | 1.493 |
| R1 | 1.4872 |
| Pivot | 1.4813 |
| S1 | 1.4756 |
| S2 | 1.4697 |
| S3 | 1.4641 |
GBPUSD briefly broke the support at 1.482 and is now back above this level, which indicates that price action could again see some sessions of ranging movements with resistance at 1.495 coming into play yet again. With price strongly ranging sideways, the best option would be to leave GBPUSD lone until a break out in either direction is first confirmed.
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