Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/AUD is testing lower levels
2019-11-11 • Updated
SELL 1.5780; TP1 1.5730; TP2 1.5660; SL 1.5795
EUR/AUD rose to the 50-week MA around 1.5855 (weekly pivot) but then was rejected down. The pair’s testing support at 1.5780 (last week’s low). A decline below this level will open the way down to 1.5725 and potentially 1.5650. A return above 1.5800 will let the pair recover to 1.5850.
Last week, EURUSD broke below a significant support level, the gas price retested its October high, and the oil prices managed to correct lower on the bearish signs of more oil supplies coming into the market.
This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!
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