EURUSD Daily Pivots
| R3 | 1.2893 |
| R2 | 1.2842 |
| R1 | 1.2765 |
| Pivot | 1.2714 |
| S1 | 1.2638 |
| S2 | 1.2587 |
| S3 | 1.251 |
On the hourly charts, EURUSD managed to retrace its gains back to the neckline to test for support. We can expect further gains for EURUSD with the upside gains coming close to 1.2828. Trading EURUSD is expected to be relatively light with no fundamentals due for today, with the exception of industrial production data from France and Italy and ratings update from S&P and Moody’s.
USDJPY Daily Pivots
| R3 | 109.049 |
| R2 | 108.683 |
| R1 | 108.262 |
| Pivot | 108.896 |
| S1 | 107.475 |
| S2 | 107.109 |
| S3 | 106.688 |
USDJPY seems to have validated the descending triangle pattern on the hourly charts, giving a downside objective towards 106.4/.5 levels. A quick retest of the support level at 108.103 seems to have validated the support for resistance, but a more firm retest is likely to seal the deal for further declines.
GBPUSD Daily Pivots
| R3 | 1.6317 |
| R2 | 1.6272 |
| R1 | 1.6194 |
| Pivot | 1.6149 |
| S1 | 1.6072 |
| S2 | 1.6026 |
| S3 | 1.5949 |
GBPUSD has been consolidation along the previous highs prior to the break out from the trend line which gives a potential decline towards 1.607. Failure to decline further could give an upward bias to GBPUSD back to first resistance level at 1.617, a break of which could see further upside gains. If the support at 1.607 gives way, we could see a test of the trend line with more declines likely.
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