Daily Forex Preview for November 17, 2015

November 17, 2015

EURUSD Daily Pivots

R3

1.0819

R2

1.0788

R1

1.0736

Pivot

1.0705

S1

1.0653

S2

1.0622

S3

1.0570

EURUSD (1.06): EURUSD closed yesterday below the lower support at 1.0697 on the daily session which is now likely to see a decline lower to 1.0488 support. A retest to the recently broken support at 1.0697 could be tested ahead of further declines. There is a risk of a rally however if prices manage to close back above the 1.0697 support level. On the 4-hour chart prices continue to slowly drift lower and there is a medium term support at 1.0539 which could potentially hold the declines in the near term. Prices continue to trade outside the falling price channel which could continue to remain as a dynamic support level while resistance is identified at 1.0701.

USDJPY Daily Pivots

R3

124.605

R2

123.944

R1

123.544

Pivot

122.894

S1

122.503

S2

121.843

S3

121.453

USDJPY (123.3): USDJPY formed a strong bullish engulfing candlestick on the daily session and has broken out to the upside. Price is currently testing the previous highs near 123.54 region having broken the short term support/resistance at 123.088. A retest back to 123.088 could see support being established here which will see a rally to 123.54 and potentially higher. In the event that prices fail to hold above 123.088 a decline back could see the test of support at 121.921.

GBPUSD Daily Pivots

R3

1.5281

R2

1.5257

R1

1.5229

Pivot

1.5205

S1

1.5178

S2

1.5153

S3

1.5125

GBPUSD (1.51): GBPUSD closed on a bearish note yesterday forming a strong doji reversal pattern off the daily resistance at 1.5237. The continued downside could see a test to 1.5121 level of support ahead of a short term support at 1.5136. A close below 1.5136 could see GBPUSD test the lower support level at 1.50375, while resistance at 1.52175 through 1.52 remains in play. A break above 1.52175 could put GBPUSD to the upside targeting 1.5288 level of resistance.

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