Majors Weekly Forecast Oct 23 2017

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EURUSD: Consolidates With Downside Bias!

Outlook in EURUSD remains neutral with risk to the downside, immediate resistance comes at the 1.1880 levels. While its medium-term risk remains higher, the EURUSD will have to break and hold above the 1.1880 levels on a weekly closing basis to prevent a return to the downside.

EURUSD  still sees consolidation below 1.1880 levels.

On the downside, support comes at the 1.1719 levels, a failure to holds above the 1.1880 levels on a weekly closing basis could mean a return to the 1.1790 levels where a cut through that level will aim the 1.1550 levels, a halt is likely and it may turn higher from here but a break below 1.1550 will aim the 1.1435 levels, further down support stands at the 1.1300 levels.

On the upside, a sustained breakout – weekly closing – above the 1.1880 levels will suggest that fall from 1.2091 is over around 1.1769 levels, the pair is likely to retest the 1.2091 levels, above the 1.2091 will aim the 1.2220 levels, further upside, resistance stands at the 1.2569 levels.

Conclusion: The EURUSD remains exposed to the downside below 1.1880 levels, above that level will aim the 1.2091 levels.

blankGBPUSD: Still Sees Corrective Threats!

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 where a rebound is very likely, 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 1.3400 levels, above that level sees a recovery risk to the 1.3615 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 1.3615/1.3400 levels…

On the upside, resistance comes at the 1.3450 levels, above that level sees a recovery risk to the 1.3658levels, 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 1.3615/1.3400 levels…

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

blankUSDJPY: Bullish Eyes The 115.20 Levels.

As long as 111.47 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 111.47 sees a fall risk to the 106.95 levels, further down, support comes at the 104.00 levels.

Conclusion: The USDJPY continues to face upside risks above the 111.47 levels.

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