EUR/USD Daily Pivots
R3 - 1.1205
R2 - 1.1115
R1 - 1.1041
Pivot - 1.0952
S1 - 1.0878
S2 - 1.0789
S3 - 1.0715
EUR/USD broke through the highs of 1.09046 to rally towards 1.10185 before showing signs of easing. Failure to push above Friday's high of 1.10263 could see a decline in EUR/USD which could target 1.09046 and eventually to test the broken resistance at 1.0857 for support before moving any higher. The potential for further declines could very well be limited near the new support but a drop would see 1.07778 offer the next level of support.
USD/JPY Daily Pivots
R3 - 120.978
R2 - 120.469
R1 - 119.744
Pivot - 119.234
S1 - 118.509
S2 - 117.994
S3 - 117.279
USD/JPY broke down from the bearish flag channel and promptly decline to 119.045, the bearish flag target. We could expect a bit of weakness to see the pair fall further down to 118.414 before stabilizing. Price action is currently trading near a short term support at 119.045 and could offer some sideways price action before the decline sets in. Alternatively, if 119.045 holds, USD/JPY could see a modest recovery rallying back to the break out level at 119.63. Any break higher which will see price break out from the falling price channel could indicate a continued upside momentum building in.
GBP/USD Daily Pivots
R3 - 1.5091
R2 - 1.5017
R1 - 1.4956
Pivot - 1.4884
S1 - 1.4823
S2 - 1.4749
S3 - 1.4688
GBP/USD has managed to rise modestly with the pair currently near Friday's highs of 1.492. A few pips away from the major resistance at 1.49565. If resistance holds, GBP/USD could yet again continue with its ranging price action for a while. A breakout above 1.495 could however set the stage for further gains in the currency, while to the downside; a test to 1.4759 could also be possible.