| R3 | 1.1424 |
| R2 | 1.1409 |
| R1 | 1.1383 |
| Pivot | 1.1369 |
| S1 | 1.1343 |
| S2 | 1.1329 |
| S3 | 1.1303 |
EURUSD (1.13): EURUSD closed with a doji pattern on the daily chart yesterday and price action is currently trading off the support at 1.1348. Failure to close above yesterday's higher close of 1.138 could see a potential fall out to the downside marking a breakout from the rising price channel. To the downside, support at 1.1254 remains to be tested and is likely to be the target in case of a breakout from the price channel. To the upside, a close above 1.138 could see a possible rally towards the previous highs of 1.145.
| R3 | 120.609 |
| R2 | 120.436 |
| R1 | 120.238 |
| Pivot | 120.065 |
| S1 | 119.867 |
| S2 | 119.94 |
| S3 | 119.497 |
USDJPY (119.8): USDJPY formed an inside bar yesterday with prices currently trading near the lower end of the range. The inside bar formation is likely to see another move back to the downside, keeping USDJPY trading sideways. On the 4-hour chart time frame, prices have broken out from the rising price channel indicating a move to the downside with the immediate support coming in at 119.775. If support holds, we could expect a retracement back to the breakout, but a failure could see a retest back to 119.52 through 119.4 level of support.
| R3 | 1.5436 |
| R2 | 1.5405 |
| R1 | 1.5375 |
| Pivot | 1.5343 |
| S1 | 1.5315 |
| S2 | 1.5283 |
| S3 | 1.5255 |
GBPUSD (1.53): GBPUSD has struggled near 1.5346 for the past 4 sessions but is trading above the support zone from 1.53 through 1.5216. For the short term a dip back to 1.523 looks possible while the bias remains to the upside if the support holds. We could expect GBPUSD to possibly rally towards 1.54 before declining lower to retest 1.5229 which marks a retest of the previously held resistance to now establish support. A break below 1.5229 could however put GBPUSD on par for further declines.
This market forecast is for general information only. It is not an investment advice or a solution to buy or sell securities.
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