Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/AUD reversed down
2019-11-11 • Updated
SELL 1.5890; TP1 1.5815; TP2 1.5740; SL 1.5910
EUR/AUD is currently testing the support line from the start of 2017. This week the pair went below the 50-week MA at 1.5965. There’s a “shooting star” (bearish pattern) on MN. On D1, we can see a complete “Head and shoulders” pattern. Notice that the pair even retested the pattern’s neckline and then was rejected further down. EUR/AUD would need to return at least above 1.60 for buyers to have a chance to turn the situation their way. The decline below 1.5895 (23.6% of the 2017-2018 advance) will open the way down to 1.5810 and 1.5740.
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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