Majors Daily Forecast Oct 24 2017

EURUSD: Bearish With Caution, Resistance At 1.1777 Levels!

As long as 1.1777 resistance holds on a daily closing basis, the EURUSD remains on the downside to the 1.1670 levels, a halt is likely and it may turn higher from here but a cut through that level will open the 1.1555 levels, further down support stands at the 1.1478 levels.

On the upside, resistance comes at the 1.1777 levels, a sustained breakout – daily closing – above that level will turn the focus on the 1.1861 levels ahead of the 1.1935 levels, above that level will aim the 1.2000 levels ahead of the 1.2059 levels.

Conclusion: The EURUSD continues to face downside threats below the 1.1777 levels with caution.

Considerations:

1- We have a static support at the 1.1738 levels, a daily closing below that level is needed to push the market for further downside move, a failure to hold below that level could mean a return to the 1.1777 levels.

2- The daily chart shows the pair trading in a narrow¬†range suggesting a possible breakout soon (upside/downside)…

Today the focus will be on German Manufacturing PMI

GBPUSD: Consolidates With Downside Bias!

With GBPUSD breaking below 1.3225 levels, the focus has been turned to the 1.3130 levels, a halt is likely but a cut would open 1.3041 next, buyers may return here but if this fails to occur, further down will be seen to the 1.2908 levels ahead of the 1.2792 levels.

On the upside, resistance remains at the 1.3325 levels, a daily closing back above this level will turn the focus again on the 1.3350/1.3442 levels…

Conclusion: The GBPUSD sees sideways move with possible to break lower.

USDJPY: Bullish Eyes Further Upside…

As long as 113.23 support holds on a daily closing basis, the USDJPY remains on the upside to the 113.95 levels, a halt is likely but a break would open 115.00 levels, further upside will aim the 116.33 levels.

On the downside, below 113.23 will open the main support level at 112.51 where another rise is very likely…below that level will aim the 111.77/111.33 levels…

Conclusion: The USDJPY sees upside move above the 112.51/113.23 levels.

MARKET DATA

UPCOMING ECONOMIC EVENTS