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Market Analysis for October 20th, 2015

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Technical Analysis

Pair: EURUSD

Resistance: 1.1350, 1.1400, 1.1450, 1.1520, 1.1560, 1.1620 Support: 1.1300, 1.1220, 1.1100 Daily Bias: Bearish to Neutral. We have ECB press conference on Thursday and the market is expecting further stimulus out of the Eurozone which has been putting pressure on the Euro.

EURUSDDaily Oct19

Daily Pivot: 1.1337
R1: 1.1368 S1: 1.1295
R2: 1.1410 S2: 1.1263
R3: 1.1441 S3: 1.1221

 

Previous Day Highs/Lows

Date High Low
Oct. 19 1.1378 1.1305
Oct. 16 1.1394 1.1333
Oct. 15 1.1495 1.1362

 

Potential Pullback levels:

1.1350 – strong S&R, daily pivot, 23% fib retracement of the overall move, 61.8% fib retracement of the daily move

1.1380 – strong S&R, R1 level, 38% fib retracement of the overall move, previous day high

Potential Targets:

1.1300 – S1 level, strong S&R, previous day’s S2, 127% extension of the daily move

1.1250 – S2 level, strong S&R, 127% fib extension of the overall move

Pair: GBPUSD

Resistance:  1.5530, 1.5580, 1.5650 Support: 1.5300, 1.5380, 1.5450 Bias: Neutral to Bullish. The price has continued to hold above the 1.5420 level, giving it more of a bullish bias compared to Euro. We’ll be open to trade it both ways.

Daily Pivot: 1.5462
R1: 1.5497 S1: 1.5423
R2: 1.5532 S2: 1.5392
R3: 1.5567 S3: 1.5358

 

Previous Day Highs/Lows

Date High Low
Oct. 19 1.5499 1.5426
Oct. 16 1.5485 1.5430
Oct. 15 1.5507 1.5414

 

Potential Pullback/target levels:

1.5500 – strong S&R, R1, previous day’s high

1.5380 –strong S&R, 50% fib retracement of the previous move, previous day high

Potential Targets:

1.5420 – strong S&R, 23.6% fib retracement of the previous move, R1 level

1.5380 – strong S&R, 38.2% fib retracement of the overall move, R2 level

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