Majors Weekly Forecast Nov 13 2017

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EURUSD: Bearish Despite Recovery Attempts!

As long as 1.1677 resistance holds on a weekly closing basis, the EURUSD remains neutral with risk to the downside, support comes at the 1.1573 levels where a cut will aim the 1.1435 levels, a halt is likely and it may turn higher from here, but a break below the 1.1435 level will turn the focus on the 1.1298 levels, further down, support stands at the 1.1118 levels.

On the upside, resistance comes at the 1.1677 levels, above that level sees a recovery threats to the 1.1879 levels before another fall, further upside, it will aim the 1.2091 levels.

Conclusion: The EURUSD continues to face downside threats below the 1.1677 levels in the medium term forecast.

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GBPUSD: Under pressure Below 1.3450 Levels…

As long as 1.3450 resistance holds on a weekly closing basis, the GBPUSD remains in a pullback mode and further down could be seen in GBPUSD to the 1.2908 levels. At this point, I’d expect a strong support from the 1.2908 levels to contain fall from the 1.3656 levels and bring rebound, but if this fails to happen, expect the pair to weaken to the 1.2705 levels, further down, support comes at the 1.2514 levels.

On the upside, resistance comes at the 1.3320 levels ahead of the 1.3450 levels, above that level sees a recovery risk to the 1.3656 levels, a break will restore the upside momentum and pave the way to the 1.3835/1.4011 levels.

Conclusion: The GBPUSD continues to face corrective pullback threats below the 1.3450 levels.

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USDJPY: Bullish Eyes The 115.20 Levels.

As long as 113.47 support holds on a weekly closing basis, the USDJPY remains on the upside to the 115.20 levels, a halt could be seen but a break will aim the 117.00 levels, further upside, resistance stands at the 119.90/120.48 levels.

On the downside, below 113.47 sees a corrective threat to the 111.65/110.98 levels where another rise is very likely, below 110.98 sees a fall risk to the 108.00/106.95 levels, further down, support comes at the 104.00 levels.

Conclusion: The USDJPY continues to face upside risks above the 113.47 levels.

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