Daily Forex Preview for November 03, 2015

November 3, 2015

EURUSD Daily Pivots

EURUSD (1.10): EURUSD failed to capitalize on its gains yesterday despite opening with an up gap. The Single currency closed on a bearish note yesterday but with prices still trading above the medium term support of 1.1 through 1.0985, the short term bias is likely to remain to the upside. Plotting a minor rising trend line connecting the recent higher lows, EURUSD has managed to break this trend line but with prices still above the support, a move to the upside is likely. A retest to 1.1245 is very much a possibility ahead of a larger move to retest the 1.13 level of support for resistance. To the downside, a close below 1.0985 could see EURUSD decline lower to the previous lows of 1.08595.

R3

1.1097

R2

1.1074

R1

1.1045

Pivot

1.1022

S1

1.0992

S2

1.0969

S3

1.0940

USDJPY Daily Pivots

R3

121.509

R2

121.161

R1

120.953

Pivot

120.605

S1

120.405

S2

120.049

S3

119.849

USDJPY (120.6): USDJPY continues to remain range bound with prices bouncing off the 121 resistance and 120.275 support. Prices are likely to move sideways for the next couple of a session but the bias for a breakdown below 120.275 is very much a possibility. A dip to 119.465 through 119.145 seems to be the most probably scenario. To the upside, a close above 121 is needed and to be confirmed by a strong bullish candlestick pattern to ascertain a further move to the upside.

GBPUSD Daily Pivots

R3

1.5567

R2

1.5532

R1

1.5474

Pivot

1.5439

S1

1.5381

S2

1.5346

S3

1.5288

GBPUSD (1.54): GBPUSD staged a strong rally yesterday but failed to hold on to its gains as the Cable reversed off the resistance near 1.5456. A retest to the broken support for resistance could establish the bias to the downside for a test to 1.537 through 1.535. Plotting the minor trend line off the higher lows, a break of this trend line could trigger a correction back lower towards 1.537 - 1.535 and eventually to 1.528 level of support.

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