EURUSD Daily Pivots
EURUSD validated the descending triangle, breaking lower than the target objective of 1.26556, making an intra-day low of 1.257. Price seems to be forming a small topping pattern near today’s pivot level with the daily pivot and the daily resistance level 1 acting as strong resistance where upward moves are most likely to be capped ahead of the US monthly ADP jobs data.
USDJPY Daily Pivots
At the time of writing, USDJPY made a strong pin bar rejection near the daily resistance level 1 of 109.94 indicating further upside push is likely to come from the US ADP jobs data release. A retest of support to 109.67 could establish support paving way for further gains for the day.
GBPUSD Daily Pivots
GBPUSD tested the short term support level for resistance at 1.6217 before dropping lower to make an intra-day low of 1.6171 which also happens to be a strong support level. We can expect to see some ranging/sideways price action ahead of the GBP followed by the USD economic data. Yesterday’s daily candle also closed indecisively with small body and strong upper and lower wicks hinting to further indecision in price action.