Majors Daily Forecast Oct 04 2017

EURO -dollar - 69875

EURUSD: Bearish But Hesitates Ahead Of 1.1814 Levels!

The EURUSD remains on the downside as long as 1.1814 resistance holds on a daily closing basis,support comes at the 1.1730 level, below 1.1730 will accelerate the expected bearish move to the 1.1670 levels, a halt is likely but a cut would open 1.1585, further down, support comes at the 1.1478 levels.

Ont he upside, immediate support comes at the 1.1730 levels, a failure to hold below the 1.1730 levels on a daily closing basis could mean a return to the 1.1814 levels where another fall is likely, however; above 1.1814 sees recovery threats to the 1.1936 levels.

Conclusion: The EURUSD continues to face downside threats below 1.1814 levels.

Notes:

1- A sustained breakout -daily closing -below 1.1730 will accelerate the expected bearish move.

2-The 4-hour chart suggests possible rise to 1.1800 before the next fall, this view is valid as long as 1.1734 holds on a 4-hour closing basis.

3- Today, the focus will be on ECB President Draghi Speaks as well as Fed Chair Yellen Speaks …

blankGBPUSD: Under Pressure Eyes Further Downside!

As long as 1.3350 resistance holds on a daily closing basis, the GBPUSD remains on the downside to the 1.3205/1.3147 levels, a halt is likely but a cut would open 1.3041, further down, resistance comes at the 1.2908 levels.

On the upside, resistance comes at the 1.3350 levels, above that level sees a recovery threats to the 1.3450 levels where another fall is likely…

Conclusion: The GBPUSD continues to face downside threats below 1.3350 levels.

Note: Minor resistance at 1.3270 levels…

blankUSDJPY: Bullish Despite Recent Hesitation!

as long as 112.20 support holds on a daily closing basis, the USDJPY remains on the upside to 113.95 levels, a halt is likely but a break would open 114.87 levels, further upside resistance comes at the 116.33 levels ahead of the 117.42 levels.

On the downside, support comes at the 112.20 levels, below that level sees a pullback risk to the 111.09 levels, further down, support comes at the 110.25 levels.

Conclusion: The USDJPY continues to face upside threats above the 112.20 levels…

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