EURUSD Daily Pivots
EURUSD opened the week making a large spike to the downside, hitting an intraday session low to 1.1868 while leaving a down gap as well at 1.20. If price action looks to push higher, we could see a rally to fill this gap while also spiking higher towards the daily pivot level at 1.2036 while also noting that Friday’s pivot level did not get filled. Therefore a potential rally to the major broke support at 1.20626 cannot be ruled out.
USDJPY Daily Pivots
USDJPY failed to make a higher high after hitting session highs on Friday at 120.742, just short of 120.8 highs, which is also a resistance level. Plotting the minor intraday trend line, a break below it could see USDJPY decline lower to 119.66 levels. Alternatively, if the trend line support holds near the daily pivot level, we could see another attempt to the upside, which should be aiming for an initial break above 120.742..
GBPUSD Daily Pivots
Get the 5 most predictable currency pairs
GBPUSD opened today’s trading session spiking lower hitting a new yearly low of 1.51884. The decline however seems to be supported by the lower support line of the falling price channel. We could expect to see a bit of choppy price movement, with a possible rally to the daily pivot level price of 1.5415 as well as a potential test of the broken support at 1.5486 for resistance before we can expect to see further declines in the pair.