Fx Promo Daily Analysis Day 3-11-2016

Chart (1)

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EUR/USD bullish breakout continues but 38.2% Fib nearby

4 hour

The EUR/USD uptrend showed one more bullish push yesterday but price is now near the 38.2% Fibonacci resistance level of wave e (green), which is part of a wave d-e (green) daily triangle. The bullish momentum seems to be a 5 wave (blue) within a larger zigzag (A purple).

1 hour

The EUR/USD showed extended 5 waves (grey) within wave 5 (orange). Price could still push up 

higher to the Fibonacci targets but eventually a correction (wave 4 blue) is expected.

Chart (2)
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USDJPY: Looks To Weaken Further On Bear Pressure

With the pair dropping further on Wednesday, further weakness is likely. On the downside, support comes in at the 104.50 level where a break if seen will aim at the 104.00 level. A cut through here will turn focus to the 103.50 level and possibly lower towards the 103.00 level. Its daily RSI is bearish and pointing lower supporting this view. On the upside, resistance resides at the 105.00 level. Further out, we envisage a possible move towards the 105.50 level. Further out, resistance resides at the 106.00 level with a turn above here aiming at the 106.50 level. On the whole, USDJPY looks to move further lower on corrective pullback.

Interested in USDJPY technicals?
R3 105.15/R2 104.66/R1 103.98 / PP 103.50 /S1 102.82/S2 102.33/S3 101.65

Chart (3)

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EUR/USD
One move lower to 1.1057 or 1.1016 is anticipated while below 1.1110 - 1.1130 area. Stop loss above 1.1163 zone.

EUR/JPY
Current fall is near an end of wave around 114.308281 zone, a rally should then procede to above 115.078888. Fall below 113.945908 would cancel this scenario.

GBP/USD
Current upmove should be ended around 1.2327 - 1.2363. Any correction consolidation should find support in 1.2261 - 1.2230 zone.

GBP/JPY
It may meet resistance in 127.119499 - 127.120178 zone for a drift down to 126.735703 zone, after which bounce to 127.503983 is anticipated.