Majors Daily Forecast Oct 27 2017

EURUSD: Bearish Eyes The 1.1580 Levels!

The EURUSD maintained a bearish momentum yesterday, topped at the 1.1836 levels and bottomed at the 1.1640 levels. This development leaves the pair targeting the 1.1582 levels, a halt is likely and it may turn higher from here (If seen resistance comes at the 1.1640 levels) but a cut through the 1.1582 levels will aim the 1.1478 levels, further down support stands at the 1.1390 levels…

EURUSD is supposed to test 1.1580 levels before attempts any rebound…

On the upside, resistance comes at the 1.1670 /1.1730 levels ahead of 1.1836/1.1861 (main), above that level will challenge the1.1936/1.2000 levels.

Conclusion: The EURUSD continues to face downside threats below the 1.1861/1.1836 levels.

EURUSD Daily Chart Oct 27 2017

GBPUSD: Consolidates With Downside Bias!

As long as 1.3270 resistance holds on a daily closing basis, the GBPUSD remains neutral with risk to the downside. Immediate support comes at the 1.3130 levels, a sustained breakout -daily closing – below that level will get the pair out of current range and aim the 1.3041 levels, further down support comes at the 1.2908 levels.

The GBPUSD will have to break and hold above the 1.3270 levels on a daily closing basis to prevent a return to the downside, a failure to hold above the 1.3270 levels could mean a return to the 1.3130 levels.

On the upside, resistance comes at the 1.3270 levels above 1.3270 will extend the recovery from the 1.3026 levels to the 1.3350/1.3442 levels, a halt is likely and it may turn lower from here, but a break will aim the 1.3615 levels.

Conclusion: The GBPUSD continues to face downside threats below the 1.3270 levels with caution. Above 1.3270 will extend the recovery to the 1.3350 levels ahead of the 1.3442 levels.

Note: At the moment the pair trades below the key support 1.3130, according to the 4-hour, it’s bearish below 1.3161 levels, support comes at the 1.3078 levels, a halt is likely and it may turn higher from here (If seen resistance comes at the 1.3115/1.3161 levels), however; below 1.3078 will aim the 1.3025 levels, further down support comes at the 1.2980 levels ahead of the 1.2920 levels). On the upside, above 1.3161 will turn outlook neutral and bring consolidation below 1.3278 levels.

GBPUSD- H4 Chart Oct 27 2017
GBPUSD Daily Chart Oct 27 2017

USDJPY: Bullish Eyes The 115.00 Levels!

As long as 113.24 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 113.24 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.

USDJPY Daily Chart Oct 27 2017

Note that U.S third-quarter growth data is likely to bring a selling opportunity for EURUSD & GBPUSD and a buying opportunity for USDJPY…

MARKET DATA

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