EURUSD Daily Pivots
| R3 | 1.1743 |
| R2 | 1.162 |
| R1 | 1.1548 |
| Pivot | 1.1425 |
| S1 | 1.1353 |
| S2 | 1.1230 |
| S3 | 1.1158 |
EURUSD continues to push along higher after briefly testing the support of the price channel. Intraday, we expect a dip to the pivot line at 1.1425 through 1.14015. If this support holds, we could expect EURUSD to rally and test the next support level at 1.1585. Alternatively, if the support at 1.1425 – 1.14015 breaks down, we could see a decline to the price channel’s support line and possibly even lower towards 1.13215. A break of 1.13215 will then see a decline to 1.1141 levels.
USDJPY Daily Pivots
| R3 | 118.313 |
| R2 | 117.956 |
| R1 | 117.738 |
| Pivot | 117.381 |
| S1 | 117.163 |
| S2 | 116.806 |
| S3 | 116.588 |
Price managed to break out of the falling wedge/triangle pattern only to decline back to retest the break out entry price at the time of writing. A close above the pivot line would see a possible test towards the first resistance at 117.6 levels, followed by a rally to the measured price target at 117.9. Alternatively, if prices break down below the daily pivot level, we can expect a decline towards 117.13.
GBPUSD Daily Pivots
| R3 | 1.557 |
| R2 | 1.5457 |
| R1 | 1.5392 |
| Pivot | 1.5279 |
| S1 | 1.5215 |
| S2 | 1.5101 |
| S3 | 1.5037 |
The consolidation of the rectangle worked out with a test and a break of the previous support level at 1.52858. We however expect a dip to test the broken resistance for support between the price levels of 1.5285 – 1.5237. If this holds, we could see a gradual rally towards 1.55. Alternatively, if prices break down below the main support level of 1.5285 – 1.5237, then we expect the next support at 1.52 to hold prices.
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