Majors Daily Forecast Nov 16 2017

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EURUSD: Faces Pullback Threats On Resistance Rejection!

With EURUSD failing to continue higher through the 1.1860 levels yesterday, a short-term resistance has been printed at the 1.1860 levels, and further down could be seen in EURUSD. While its immediate risk remains higher, the EURUSD will have to break and hold above the 1.1860 levels on a daily closing basis to prevent a return to the downside.

Immediate support comes at the 1.1784 levels, a daily closing below that level will turn the focus on the 1.1678/1.1622 levels before another rising, below 1.1622 sees a lower leg below 1.1553 levels with eyes on the 1.1478 levels, further down, support stands at the 1.1390 levels.

A quick hint: stability below 1.1805 on a 4-hour closing basisfollowed by a daily closing below 1.1884 levels, should pave the way to the 1.1678/1.1622 levels!

Alternatively, a failure to hold below the 1.1784 levels on a daily closing basis could mean a return to the 1.1860 levels, with a break above here opening the way to the 1.1936 levels, further upside, resistance stands at the 1.2005/1.2059 levels.

Conclusion: The EURUSD sees upside threats above the 1.1784 levels with caution, below that level faces a pullback threats to the 1.1678/1.1622 levels.

Intraday: On the 4-hour timeframe, the pair faces pullback threats below 1.1805 levels, support comes at the1.1740/1.1719 levels ahead of the 1.1675/1.1637 levels. Above1.1805 on a 4-hour closing basis will challenge the 1.1860/1.1879 levels, a break will extend gains to the 1.1935 levels, further upside resistance stands at the 1.2000 levels.

Note that weekly resistance comes at the 1.1677 levels, the weekly chart suggests a weekly closure around or below that level, so overbought zone is above 1.1677 levels. Anyway; a weekly closing above 1.1677 will bring consolidation in the medium term above 1.1553 levels.

blankblankGBPUSD: Continues To Consolidate 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 1.3114 levels ahead of the 1.3041 levels, a cut will open 1.2978 levels, a halt is likely but a break below the 1.2978 levels will aim the 1.2908 levels, further down support stands at the 1.2792 levels.

On the upside, immediate resistance comes at the 1.3190 levels, above that level will extend the recovery to the 1.3300 levels where another falling is very likely, further upside will pave the way to the 1.3442 levels

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

blankUSDJPY: Bearish With Risk To The 111.70 Levels!

The USDJPY maintained a bearish momentum yesterday, topped at the 113.49 levels and bottomed at the 112.47 levels. This development leaves the pair targeting the 111.70 levels, a halt is likely but a cut would open 110.66, further down, support comes at the 109.54 levels.

On the upside, resistance comes at the 113.49 levels, above 113.49 sees a recovery risk to the 114.27/114.87 levels, note that a daily closing above 114.27 may expose the 114.87 levels if seen it will aim the 116.33 levels.

Conclusion: The USDJPY sees downside threats below the 113.49 levels.

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