EURUSD Daily Pivots
| R3 | 1.1126 |
| R2 | 1.1080 |
| R1 | 1.1000 |
| Pivot | 1.0995 |
| S1 | 1.0875 |
| S2 | 1.0829 |
| S3 | 1.075 |
EURUSD saw a post US session rally which took the currency to the highs of 1.1026. However the Euro failed to hold on to its gains near this level and declined sharply to trade back below the 1.1 handle. The currency is now currently consolidating and we expect a dip down to 1.0917 and 1.0904 levels. However, a more appropriate decline would be to test the broken resistance at 1.0857 levels, which could then in fact look bullish for the Euro. If 1.0857 level fails to hold the declines, EURUSD could potentially drop to as low as 1.077 levels.
USDJPY Daily Pivots
| R3 | 120.762 |
| R2 | 120.225 |
| R1 | 119.876 |
| Pivot | 119.339 |
| S1 | 118.99 |
| S2 | 118.453 |
| S3 | 118.107 |
USDJPY saw a decent reversal near the bearish flag’s target price level and is currently back trading near the breakout of the bearish flag at 119.6. If prices are contained here, USDJPY could see another leg down to test the lows of 118.414. Alternatively, if price continues to rally, we will have to wait for a break of the falling price channel before expecting further upside gains. In any event, USDJPY rallies are likely to be capped near 120.263.
GBPUSD Daily Pivots
| R3 | 1.5061 |
| R2 | 1.5021 |
| R1 | 1.4950 |
| Pivot | 1.491 |
| S1 | 1.4839 |
| S2 | 1.4799 |
| S3 | 1.4728 |
GBPUSD made a failed attempt yesterday after managing to rally to 1.495 levels. The rally resulted in a sharp reversal with the GBPUSD trading back inside the range. We could probably expect to see another dip to 1.475 levels. In any case, GBPUSD could potentially continue to range within the levels of 1.495 and 1.475 for a while.
In this week’s podcast, we feature an Interview with FXStreet President Francesc Riverola on the industry, volatility and more
Subscribe to Market Movers on iTunes
Share
