EURUSD Daily Pivots
| R3 | 1.2593 |
| R2 | 1.2553 |
| R1 | 1.2517 |
| Pivot | 1.2477 |
| S1 | 1.2441 |
| S2 | 1.2401 |
| S3 | 1.2365 |
EURUSD has managed to ease off from the lows at 1.2466 regions and has been pushing higher. However, these minor gains are likely to be capped near the major support turned resistance level between 1.255 and 1.252 levels. We also notice that the pair has made a small bearish continuation flag pattern, hinting to more declines. A break and possibly a retest of the flag pattern is essential to set the bias. However we notice the support region at 1.24665 which could possibly hold any further declines. The range created between 1.255 and 1.24655 is likely to play out until the ECB’s meeting later this week.
USDJPY Daily Pivots
| R3 | 116.275 |
| R2 | 115.242 |
| R1 | 114.631 |
| Pivot | 113.6 |
| S1 | 112.986 |
| S2 | 111.955 |
| S3 | 111.342 |
USDJPY made a yearly intra-day high yesterday but quickly eased below. On the H1 charts currently shows the pair forming a minor consolidation pattern in what seems like a descending triangle. If this is validated, we could expect to see an intra-day decline towards 113 and a break below this level could see USDJPY drop lower to 112.3 near the opening gap from the weekend.
GBPUSD Daily Pivots
| R3 | 1.6119 |
| R2 | 1.6072 |
| R1 | 1.6021 |
| Pivot | 1.5974 |
| S1 | 1.5924 |
| S2 | 1.5876 |
| S3 | 1.5826 |
GBPUSD has managed to hold its ground despite the onslaught from the US Federal Reserve. However, it is too early to confirm the bias. A major test today will be the break of the technical support being tested for resistance which shows confluence with today’s R1 level of 1.6027. The H4 charts shows an outside bar formed with the next candle closing higher, which puts the bias to the upside.
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