EURUSD Daily Pivots
| R3 | 1.1570 |
| R2 | 1.1496 |
| R1 | 1.1449 |
| Pivot | 1.1375 |
| S1 | 1.1328 |
| S2 | 1.1254 |
| S3 | 1.1207 |
EURUSD broke above 1.138 and eventually rallied higher to 1.14 as noted in our analysis yesterday. Price action currently is now looking to target the lower trend line of the price channel, which we could see some reaction. Only a close inside the price channel will make it clear for further upside gains. There is a possibility for a decline down to the daily pivot level from which the short term bullish momentum may be renewed.
USDJPY Daily Pivots
| R3 | 122.176 |
| R2 | 121.323 |
| R1 | 120.218 |
| Pivot | 119.365 |
| S1 | 118.26 |
| S2 | 117.407 |
| S3 | 116.302 |
USDJPY is now looking for a potential head and shoulders pattern with the right shoulder being formed as we write. A bounce from the support at 118.4 is expected which could see a rally to the upside. The head and shoulders pattern however is yet to complete the right shoulder and at this point we do not know where in the bounce up the right shoulder could form. However, keep an eye out on the neckline support at 118.4 for further clues to price action.
GBPUSD Daily Pivots
| R3 | 1.5667 |
| R2 | 1.5541 |
| R1 | 1.5461 |
| Pivot | 1.5334 |
| S1 | 1.5258 |
| S2 | 1.5130 |
| S3 | 1.5050 |
GBPUSD has turned bullish in the short term and from yesterday’s price action we notice a bullish flag formation being formed. A retest to either 1.53348 or 1.53 is likely which could see a renewed bullish momentum taking shape, targeting 1.551.
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