Majors Daily Forecast Nov 07 2017

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EURUSD: Capped By 1.1689/1.1730 Levels!

Outlook in EURUSD remains on the downside as long as 1.1689/1.1730 resistance holds on a daily closing basis, immediate support comes around 1.1580 levels where a cut will accelerate the expected bearish move to the 1.1478 levels, a halt is likely and it may turn higher from here but a cut through the 1.1478 levels will aim the 1.1390 levels, further down support stands at the 1.1330 levels.

On the upside, above 1.1689/1.1730 will aim the 1.1836/1.1861 levels before another falling…

Conclusion: The EURUSD continues to face downside threats below 1.1730/1.1689 levels…

Note: Minor resistance comes at the 1.1615 levels ahead of the 1.1658 levels…blank

GBPUSD: Consolidates With Downside Bias!

As long as 1.3190 resistance holds on a daily closing basis, the GBPUSD remains neutral with risk to the downside, support comes at the 1.3041 levels, a cut will open 1.2978 levels, a halt is likely but a cut will aim the 1.2908 levels, further down support stands at the 1.2792 levels.

On the upside, above 1.3190 will extend the recovery to the 1.3300 levels where another falling is very likely, above 1.3300 will extend the recovery to the 1.3442 levels.

Conclusion: The GBPUSD sees downside move below 1.3300/1.3190 levels…

blankUSDJPY: Faces Corrective Threats!

With USDJPY failing to continue higher through the 114.27 s, a short-term resistance has been printed at the 114.72 levels, while its immediate risk remains higher, the USDJPY will have to break and hold above the 114.87 levels to prevent a return to the downside.

Immediate support stands at the 113.60 levels where a cut will aim the 113.20 levels, further down, support stands at the 112.50 levels.

On the upside, resistance stands at the 114.87 levels, a break will extend gains to the 116.33 levels, further upside will aim the 117.42 levels

Conclusion: The USDJPY remains exposed to the downside below the 114.87 levels…

Note that we have a static resistance at the 115.20 levels on the weekly chart.

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