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EURUSD Daily Pivots

R3 1.1242
R2 1.1183
R1 1.1109
Pivot 1.1049
S1 1.1097
S2 1.091
S3 1.0841


EURUSD (1.11): EURUSD remains range bound from the highs and lows off June 29th. On the intraday charts, price has broken out off the re-adjusted falling price channel. We could expect a dip back to the break out level near the daily pivot at 1.105, following which EURUSD could rally towards 1.1135 – 1.117 region of support/resistance. To the downside a close below the previous support at 1.10085 could see the upside bias being invalidated and could decline lower towards 1.09275. A close above the support/resistance at 1.117 could shift the bias very bullish with an upside target to 1.1335.

USDJPY Daily Pivots

R3 122.893
R2 122.224
R1 121.778
Pivot 121.123
S1 120.664
S2 120.008
S3 119.562


USDJPY (121.8): USDJPY is posting a second day of gains from lows of 120.7. Price is back trading near the support resistance region of 122 – 121.7. If price fails to break above this level, USDJPY could fall back towards the previous support at 120.8. To the upside, a break above 122 is needed which could then shift the bias to the upside and also set USDJPY for a break out from the falling price channel. The breakout here could see USDJPY test the next resistance at 124.

GBPUSD Daily Pivots

R3 1.5495
R2 1.5458
R1 1.5418
Pivot 1.5381
S1 1.5342
S2 1.5304
S3 1.5265

GBPUSD (1.539): GBPUSD could see a modest bounce to the upside following a recovery yesterday. Price action however is seen to be consolidating on the intraday charts and could form a possible bearish flag pattern. If the bear flag is validated, GBPUSD will see a decline to the support at 1.52 region and lower. Alternatively, if prices head back into the falling price channel, we could see an attempt to test the overhead resistance at 1.551 – 1.5455.