Majors Daily Forecast Oct 16 2017

EURO -dollar - 69875

EURUSD: Pulls Back With Caution!

As long as 1.1880 resistance holds on a daily closing basis, the EURUSD remains in a pullback and further downs could be seen but the pullback from the 1.1880 levels should be contained well above 1.17383 levels.

Immediate support comes at the 1.1794 levels, a halt is likely, if this happens, resistance comes at the 1.1830 levels where rejection is suggested, anyway; above 1.1830 will restore the upside momentum and challenge the 1.1880 levels, further upside resistance comes at the 1.1935 levels ahead of 1.1200/1.12059 levels.

EURUSD: below 1.1830 will remain under pressure, above that level will restore the upside momentum and challenge 1.1880 levels.

On the downside, below 1.1794 levels will look for the 1.1738 levels, buyers should return here and take it once again to the upside, however; below 1.1738 will suggest that rise from 1.1669 is over at the 1.1880 levels and a lower leg below 1.1669 could be seen, if this happens, support comes at the 1.1585 levels ahead of the 1.1478 levels.

Conclusion: The EURUSD continues to consolidate with upside bias above the 1.1738 levels.

blankGBPUSD: Continues Recovery With Caution!

As long as 1.3225 support holds on a daily closing basis, the GBPUSD remains in a recovery mode and further upside could be seen, immediate resistance comes at the 1.3350 levels, a break will aim the 1.3442 levels where another fall is very likely, above that level will aim the 1.3615 levels.

On the downside, support comes at the 1.3225 levels, below that level should weaken recent recovery and turn the focus on the 1.3130 levels, further down will restore the downside momentum and aim the 1.3041 levels and possibly lower to the 1.2908 levels.

Conclusion: The GBPUSD continues to face recovery threats above the 1.3130/1.3225 levels.

blankUSDJPY: Sees Short-Term Bearish Momentum  But With Caution!

As long as 112.51 resistance holds on a daily closing basis, the USDJPY remains in on the downside to the 111.70/111.33 levels, a halt is very likely and it may turn higher from here but a cut below that level will aim the 110.25 levels, further down support stands at the 109.45/109.23 levels.

On the upside, resistance comes at the 112.51 levels, a break will aim the 113.20 levels, above that level will extend gains to the 113.95/114.00 levels, further upside resistance stands at the 115.00 levels.

Conclusion: The USDJPY continues to face downside threats below 113.20/112.51 levels with caution.