Majors Daily Forecast Nov 03 2017


EURUSD: Consolidates With Downside Bias!

As long as 1.1670 resistance holds on a daily closing basis, the EURUSD remains neutral with risk to the downside, support comes at the 1.1582 levels where a cut will aim the 1.1478 levels, a halt is likely and it may turn higher from here but a break below the 1.1478 levels will aim the 1.1390 levels, further down support comes at the 1.1329 levels.

On the upside, immediate resistance comes at the 1.1670 levels, above that level sees a recovery risk to the 1.1730 levels where another fall is likely, above 1.1730 will extend the recovery to the 1.1835/1.1861 levels.

Conclusion: The EURUSD continues to face downside threats below 1.1670 levels, above that level, sees recovery threats to the 1.1730 levels…blank

GBPUSD: Bearish Eyes The 1.2978 Levels.

The GBPUSD maintained a bearish momentum yesterday, topped at the 1.3300 levels and bottomed at the 1.3041 levels. This development leaves the pair targeting the 1.2978 levels. A halt is likely and a reversal may occur here, however; a cut through that level would open 1.2908 levels, further down, support stands at the 1.2972 levels.

On the upside, immediate resistance comes around 1.3115/1.3191 levels ahead of 1.3300 levels (main), sustained breakout – daily closing – above 1.3300 levels will turn outlook neutral for retesting 1.3442 levels before the next falling…

Conclusion: The GBPUSD continues to face downside threats below the 3300 levels even in the case of a corrective recovery…

Note that the pair bottomed yesterday at the 1.3041 levels, we have static support at this level, a failure hold losses below that level is likely to bring consolidation above 1.3041 levels.

blankUSDJPY Bullish With Eyes On The 115.00 Levels.

As long as 113.20/113.60 support holds on a daily closing basis, the USDJPY remains on the upside to the 115.00 levels, a halt is likely but a break would open 116.33 levels, further upside will aim the 117.42 levels.

On the downside, below 113.20 will open the main support level at 112.51 where another rise is very likely…below that level will aim the 111.77/111.33 levels…

Conclusion: The USDJPY sees upside move above the 113.20/113.60 levels.