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EURUSD Daily Pivots

R3 1.1308
R2 1.1268
R1 1.1234
Pivot 1.1193
S1 1.1161
S2 1.1119
S3 1.1086


EURUSD (1.118): EURUSD closed with a doji candlestick on the daily charts yesterday while consolidating for the most part after the decline earlier in the week. Price is still trading above the support/resistance level of 1.117 – 1.1135. A bear flag pattern is currently taking shape and we need to see a break below 1.1135 in order for the declines to continue. We look for the bearish decline to test the price level of 1.0985 on break below 1.1135. To the upside a close above 1.12245 would invalidate the flag pattern and we could see a rally back to 1.1335.

USDJPY Daily Pivots

R3 124.583
R2 124.272
R1 123.946
Pivot 123.634
S1 123.316
S2 122.997
S3 122.678


USDJPY (123.43): USDJPY closed on a bearish note yesterday confirming the shooting star pattern. We expect the rally noticed in USDJPY previously is likely to pause for a correction to the downside. On the intraday charts, price action has hit resistance at 124 and we could see a dip down to 122.66 support which previously formed a double bottom pattern. A break below 122.66 could see a decline towards 122 – 121.921 level of support.

GBPUSD Daily Pivots

R3 1.5878
R2 1.5824
R1 1.5786
Pivot 1.5731
S1 1.5693
S2 1.5637
S3 1.5598


GBPUSD (1.574): GBPUSD closed on a bullish note after seeing three days of decline. Price action is still below the previous resistance level at 1.57525. However, it is likely that the resistance could cap the gains. To the downside the next support comes in at 1.5513 level of support. For this view to the confirmed, GBPUSD will need to break below previous low of 1.568.

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