Majors Daily Forecast Nov 10 2017

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EURUSD: Faces Recovery Threats With Caution!

Outlook in EURUSD has turned neutral at the moment, support comes at the 1.1582 levels while resistance comes at the 1.1654 levels. On the upside, the EURUSD will have to break and hold above the 1.1654 levels to prevent a return tot he downside if seen it will target the 1.1690 levels where a break will aim the 1.1730 levels, further upside resistance comes at the 1.1835/1.1861 levels.

on the downside, a failure to hold above the 1.1654 levels could mean a return to the 1.1582 levels, a cut through that level will restore the downside momentum and pave the way to the 1.1478 levels, further downside will aim 1.1390 levels…

Conclusion: The EURUSD continues to consolidate with downside bias…

Notes: 

1- Stability above the 1.1582 levels on a daily closing basis may bring limited gains to the 1.1654/1.1690/1.1730 levels…

2- Any recovery move should be contained well below the 1.1861/1.1836 levels…

3- A daily closing above 1.1861 will suggest short-term bottoming and increase the risk to the 1.2000/1.2091 levels…

4- A daily closing below 1.1582 will suggest that fall 1.1879 level is resuming and pave the way to the 1.1478 levels.

5- For today, the pair sees consolidation within 1.1582/1.1654 levels.

blankGBPUSD: 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 113.20 levels where a cut will aim the 112.51 levels, further down, support stands at the 111.70/111.32 levels.

On the upside, resistance stands at the 114.27/114.87 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…

Notes:

1-we have a static resistance at the 115.20 levels on the weekly chart.

2- In case of a corrective pullback, buyers should return above/around 111.70 levels…

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