EURUSD Daily Pivots
| R3 | 1.2793 |
| R2 | 1.2754 |
| R1 | 1.2678 |
| Pivot | 1.2644 |
| S1 | 1.2573 |
| S2 | 1.2533 |
| S3 | 1.2462 |
The inverted head and shoulders patterns that seemed to be a bit tricky after a break out of the neckline failed as EURUSD closed back below the neckline, trading close to the right shoulder, only to rally back up to the neckline. EURUSD could potentially seek to target the level of 1.2828 if the neckline holds, while today’s daily pivot will be key to determining further declines in this pair, with a test back to 1.258.
USDJPY Daily Pivots
| R3 | 108.592 |
| R2 | 108.374 |
| R1 | 108.058 |
| Pivot | 107.84 |
| S1 | 107.524 |
| S2 | 107.306 |
| S3 | 106.99 |
Today’s price action saw some bearish activity after the break out from the congestion zone saw prices trading near 107.2. A down gap was formed near 107.41 which, if filled could see further declines towards the target of 106.42, the price objective from the descending triangle.
GBPUSD Daily Pivots
| R3 | 1.6255 |
| R2 | 1.6195 |
| R1 | 1.6128 |
| Pivot | 1.607 |
| S1 | 1.60 |
| S2 | 1.5941 |
| S3 | 1.5874 |
GBPUSD broke down to decline close to the trend line shown on chart for a rally back to the initial breakout from the rectangle pattern. Likely support could be found near the daily pivot of 1.607 before we wait for further clues from GBPUSD.
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