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EURUSD Daily Pivots

R3 1.151
R2 1.1456
R1 1.1401
Pivot 1.1347
S1 1.1292
S2 1.1238
S3 1.1184

 EURUSDH4_2206

EURUSD (1.138): EURUSD closed Friday with a near doji type of candlestick pattern which was preceded by a shooting star candlestick pattern. In this aspect, the bias is shifted to the downside. However a close above the high over the shooting star is needed to keep the bullish momentum going.

On the intraday charts, price looks to have cleared the region of support/resistance at 1.13575. A retest to this level will see EURUSD test the next resistance at 1.149 level. Alternatively, a break below the support/resistance between 1.13575 and 1.13350 could see a decline on break of the lower trend line of the price channel to test the next support near 1.11705.

USDJPY Daily Pivots

R3 123.737
R2 123.472
R1 123.08
Pivot 122.81
S1 122.423
S2 122.158
S3 121.765

USDJPYH4_2206

USDJPY (122.68): USDJPY continues to print bearish candlesticks on the daily chart for the past three sessions after forming a shooting star type of pattern. On the intraday charts, price action is showing signs of stalling the bearish momentum near 122.658 minor support. A break below this level could se a test to 121.92 – 121.7 level of support.

The current price action near 122.658 could form a potential double bottom which could potentially shift the bias in USDJPY to the upside. In this aspect a test of 124 is essential and could offer early clues.

GBPUSD Daily Pivots

R3 1.5964
R2 1.5930
R1 1.5903
Pivot 1.5868
S1 1.5843
S2 1.5808
S3 1.5781

GBPUSDH4_2206

GBPUSD (1.589): GBPUSD managed to reach the price level of 1.59 last week and Friday’s candlestick closed with a doji pattern. This could represent a potential exhaustion of the current rally and could spell a short term correction. The support at 1.57525 could possibly hold the correction.

On the intraday charts, price has broken to the upside of the rising price channel. We expect a possible decline to 1.58 region of broken resistance to be tested for support. A break below 1.58 could see GBPUSD decline to 1.551 level of support after a potential break of the rising price channel.

In our latest podcast we digest the dollar dove dive, update on Greece and preview next week’s events.

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