EURUSD Daily Pivots
EURUSD (1.13): EURUSD closed below the short term support at 1.1348 yesterday and marks decline towards 1.1254 in the near term. Prices are currently bouncing off 1.13 – 1.1315 level of short term support and we can anticipate some consolidation between the resistance and the minor support. A rally to the breakout of the rising price channel near 1.1365 cannot be ruled out. With EURUSD posting three straight days of declines, we can expect to see a short term recovery in the prices to as far as 1.1365 but the overall bias remains to the downside towards 1.1254 support.
USDJPY Daily Pivots
USDJPY (119.4): USDJPY has continued to post some recovery after touching lows of 118.2 previously. Prices are currently trading within the support/resistance level of 119.52 – 119.4 which could see prices head back into the range to the upper resistance at 120.275. Plotting the falling trend line connecting the highs of 25th September at 120.221 and the lower high on 9th October at 120.218, we can expect prices to react to this trend line in the near term. The bias remains to the downside but with support coming in close, USDJPY could see another phase of consolidation in the near term.
GBPUSD Daily Pivots
GBPUSD (1.54): GBPUSD has remained flat for the most part of yesterday but the divergence in Stochastics is pointing to a possible decline to 1.532 through 1.5255 level of support. To the upside, resistance is at 1.56465 but we do not expect prices to rally to this high unless support at lower levels is established. However a break above the previous highs at 1.55 could see the possible rally to 1.56465 resistance. Plotting the median line on the recent price action, we notice that GBPUSD is currently trading near the median line and we can expect to see a potential attempt to break the upside bias with an eventual test back to the lower median line.