Daily Forex Preview for November 20, 2015

November 20, 2015

EURUSD Daily Pivots

R3

1.0886

R2

1.0823

R1

1.0778

Pivot

1.0716

S1

1.0670

S2

1.0608

S3

1.0564

EURUSD (1.07): EURUSD closed on a bullish note yesterday above 1.07 level of support/resistance. The bullish candlestick comes off the previous day's small bodied spinning bottom indicating a possible shift higher. A brief retest to 1.07 could see EURUSD establish support in order to test the next main level at 1.0825. The break of the trend line on the 4-hour chart confirms the upside move. Failure to hold above 1.07 could potentially put the bearish sentiment back in play. To the downside, the intraday range is limited to the previous lows at 1.0616 and as long as prices stay above this low, the correction to 1.0825 looks imminent.

USDJPY Daily Pivots

R3

124.279

R2

124.062

R1

123.461

Pivot

123.040

S1

122.442

S2

122.022

S3

121.423

USDJPY (122.8): USDJPY reversed the previous two days of gains resulting in a strong bearish candlestick pattern. Prices however are testing the break out region of the daily chart bull flag pattern after the failure near 123.6 top of the bull flag. Failure to establish support near 122.85 could risk a further downside move which could be sharp.  The break below 123.088 indicates a decline to 121.921 through 121.7 level of support which could be tested in the near term if prices fail to rise above 123.088. Plotting the rising price channel, the break out off 123.088 region indicates a continued move to the downside in the near term. Below 121.7, the next support for test comes in at 120.27.

GBPUSD Daily Pivots

R3

1.5449

R2

1.5392

R1

1.5341

Pivot

1.5284

S1

1.5233

S2

1.5176

S3

1.5125

GBPUSD (1.52): GBPUSD rallied yesterday to test the resistance highs of 1.5324 and was rejected near this level. Failure to close above 1.5324 could result in GBPUSD posting new declines to the downside. The rising price channel could potentially signal a downside move should break down below 1.52395 which could send GBPUSD lower towards 1.50375. To the upside, resistance at 1.537 is ripe for a retest if support is established at 1.52395.

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