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Market Analysis for October 21st, 2015

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Technical Analysis

Pair: EURUSD

Resistance: 1.1380, 1.1400, 1.1450, 1.1520
Support: 1.1300, 1.1220, 1.1100
Daily Bias: Bearish to Neutral. Eurusd rejected yesterday’s highs but failed to break the swing low. This adds a neutral tone to the pair rather than being strong bearish.

Daily Pivot: 1.1351
R1: 1.1379 S1: 1.1316
R2: 1.1415 S2: 1.1288
R3: 1.1443 S3: 1.1253

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Previous Day Highs/Lows

Date High Low
Oct. 19 1.1386 1.1323
Oct. 19 1.1378 1.1305
Oct. 16 1.1394 1.1333

 

Potential Pullback levels:

1.1400 – strong S&R, 50% fib retracement of the overall move

1.1380 – strong S&R, R1 level, 38% fib retracement of the overall move, 78.9% fib retracement of the daily move, previous day high

Potential Targets:

1.1320 – S1 level, strong S&R, 127% extension of the daily move

1.1280 – S2 level, strong S&R, 200% fib extension of the daily move

1.1250 – S3 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 Bearish. The price has continued to reject 1.5500 level, however, it hasn’t managed to break below 1.5420. I’m bearish on this pair. However, I suggest trading with caution as the market has been range bound over the last few days and we can expect a bigger price move setting up.

Daily Pivot: 1.5461
R1: 1.5487 S1: 1.5416
R2: 1.5533 S2: 1.5389
R3: 1.5559 S3: 1.5344

 

Previous Day Highs/Lows

Date High Low
Oct. 19 1.5506 1.5433
Oct. 19 1.5499 1.5426
Oct. 16 1.5485 1.5430

 

Potential Pullback/target levels:

1.5480 – strong S&R, R1, 50% fib retracement of the daily move

1.5461 –daily pivot, 38% fib retracement of the daily move

Potential Targets:

1.5420 – strong S&R, 127% fib retracement of the daily move, S1 level

1.5380 – strong S&R, 161% fib retracement of the daily move, S2 level

1.5350 – strong S&R, 200% fib retracement of the daily move, S3 level

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