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Market Analysis for October 22nd, 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. Market seems to be waiting for Draghi’s comments tomorrow. As a result, we could see big moves in the pair.

Daily Pivot: 1.1349
R1: 1.1365 S1: 1.1322
R2: 1.1393 S2: 1.1306
R3: 1.1409 S3: 1.1278

EURUSDDaily Oct22

 

Previous Day Highs/Lows

Date High Low
Oct. 21 1.1376 1.1333
Oct. 20 1.1386 1.1323
Oct. 19 1.1378 1.1305

 

Potential Pullback levels:

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

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

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

Potential Targets:

1.1300 – S2 level, strong S&R, 161% extension of the daily move

1.1280 – S3 level, strong S&R

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

Pair: GBPUSD

Resistance:  1.5500, 1.5560, 1.5650
Support: 1.5380, 1.5350, 1.5300, 1.5450
Bias: Bearish. We finally got a close below the swing lows. We are looking to sell the rallies. However, we could see GBPUSD move with the EURUSD tomorrow with all the news due tomorrow morning.

Daily Pivot: 1.5434
R1: 1.5457 S1: 1.5392
R2: 1.5500 S2: 1.5369
R3: 1.5522 S3: 1.5327

 

Previous Day Highs/Lows

Date High Low
Oct. 21 1.5476 1.5416
Oct. 20 1.5506 1.5433
Oct. 19 1.5499 1.5426

 

Potential Pullback/target levels:

1.5500 – strong S&R, R2 level

1.5434 –daily pivot, 23% fib retracement of the overall move

Potential Targets:

1.5380 – strong S&R, 38% fib retracement of the overall move, S1 level

1.5350 – strong S&R, 50% fib retracement of the overall move, 200% fib retracement of the daily move, S3 level

1.5320 – strong S&R, 61.8% fib retracement of the overall move

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