Majors Daily Forecast Nov 17 2017


EURUSD: Sees Pullback Threats Below 1.1860 Levels!

As long as 1.1857 resistance holds on a daily closing basis, the EURUSD remains in a pullback mode and further down could be seen. Immediate support comes at the 1.1755 levels, with a break below here opening the way to the 1.1678 levels, a halt is likely but a cut would open 1.1622 levels, below 1.1622 will reverse risk to the downside and pave the way to the 1.1553 levels, further down support comes at the 1.1478 levels.

On the upside, resistance comes at the 1.1805 levels ahead of the 1.1857 levels(main), above 1.1857 will restore the upside momentum and aim the 1.1936 levels, further upside resistance comes at the 1.2005 levels ahead of the 1.2059 levels.

Conclusion: The EURUSD continues to face pullback threats below the 1.1857 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.

blankGBPUSD: Short-Term Bullish With Risk To The 1.3300 Levels!

As long as 1.3135 support holds on a daily closing basis, the GBPUSD remains on the upside to the 1.3300 levels, a halt is likely and it supposed to turn lower from here, but if this fails to occur, the pair will aim the 1.3442 levels, a hesitation is expected but above 1.3442 levels, eyes will be on the 1.3615 levels.

Minor Resistance: 1.3207, a break will turn it from resistance to support…

On the downside, support comes at the 1.3135 levels, below that level should weaken recent rise and aim the 1.3041 levels, below 1.3041 will pave the way to the 1.2908 levels.

Conclusion: The GBPUSD sees upside risks above 1.3135 levels…

blankUSDJPY: Bearish With Risk To The 111.70 Levels!

As long as 113.49 resistance holds on a daily closing basis, the USDJPY remains on the downside to 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.

Note: minor support comes at the 112.47 levels…