EURUSD Daily Pivots
R3 1.1322
R2 1.1268
R1 1.1237
Pivot 1.1183
S1 1.1152
S2 1.1098
S3 1.1067
EURUSD (1.12): EURUSD has managed to recover from the lows of 1.1215 as the single currency is attempting to stage a recovery, gaining steadily for the past 4-days. However, with resistance at 1.1285, it is unlikely to expect further gains until price action clears the resistance which will then set the stage for a possible rally to as high as 1.15. To the downside, the support at 1.117 – 1.1135 is proving to be a strong level with price action seen consolidating just above the support level. In the near term, a break of the support region is required to expect further declines down to 1.1008. There is also scope for a modest rally towards 1.13575 – 1.1335 region should the lower support continue to hold the declines.
USDJPY Daily Pivots
R3 122.58
R2 121.88
R1 121.197
Pivot 120.496
S1 119.813
S2 119.113
S3 118.43
USDJPY (120.9) USDJPY posted highs of 121.198 yesterday before easing back. The bearish reversal pattern noted at this level few days ago looks to be invalidated and we could expect to see further upside to a test of 121.5. Support comes in at 119.10 however it is unlikely to see a decline back to this level. Price action however has managed to reverse near the short term resistance at 120.79 but we expect this resistance level to be broken in order to pave way for a rally towards 121.5 – 122 where there is a major resistance level.
GBPUSD Daily Pivots
R3 1.5453
R2 1.5428
R1 1.5397
Pivot 1.5373
S1 1.5343
S2 1.5319
S3 1.5289
GBPUSD (1.53): GBPUSD has posted two days of strong gains before easing back from the highs of 1.5412 yesterday. A break above 1.5412 is needed in order to see a further rally in GBPUSD which could test the next main resistance zone at 1.5516 – 1.5455. To the downside, price is precariously trading above the support/resistance level at 1.5329, which if gives way could see GBPUSD post a sharp decline to the previous lower support at 1.52 – 1.519 region. There is also a risk of a break out from the falling price channel should prices attempt to rally to the upside.
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