EURUSD Daily Pivots
EURUSD (1.117): EURUSD saw a very bearish candlestick yesterday on the daily charts, reversing from the support/resistance level of 1.12845. The strong close below this level of 1.12845 is indicative of further declines to the downside.
On the intraday charts, EURUSD has reached the support level near the price zone of 1.11705 – 1.1135. If this support holds, we could expect sideways price action between here and the resistance at 1.1335. A break higher, above 1.1335 is needed to shift the bias back to the upside, while a break of support below 1.1135 could see EURUSD decline to the next support at 1.082.
USDJPY Daily Pivots
USDJPY (124.057): USDJPY saw a second day of bullish close yesterday after on the daily charts. The near double bottom formed at 122.658 could see USDJPY test new highs on break of resistance at 124. Alternatively, should 124 resistance cap the gains, USDJPY could see a decline back to 122.658. A break lower could then see a test of the next support at 122 region. For the double bottom to be confirmed, USDJPY needs to see a close above the previous highs at 124.222, which will then see a rally to a conservative 125.2 level.
GBPUSD Daily Pivots
GBPUSD (1.573): GBPUSD declined from the highs near the resistance of 1.59 and yesterday’s price action closed below the previous support at 1.57525. A further confirmation is needed in order to see GBPUSD test the next support at 1.552.
On the intraday charts, we could expect a small rally to retest the break out level at 1.5795 which could then set the stage for a decline to 1.552 as price has broken out of the price channel and could decline lower.