Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/AUD tries to form a top
2019-11-11 • Updated
SELL 1.6475; TP 1.6420; SL 1.6490
SELL 1.6375; TP 1.6255; SL 1.6400
Last week EUR/AUD tested the highest levels since 2009 at 1.6780, but failed to hold there and closed at 1.65 forming a candlestick with a long upper shadow on W1. The pair may form a “Head and Shoulders” and travel significantly lower. However, for now, we don’t see the evidence yet that EUR/AUD formed a second shoulder. A break above 1.6550 (38.2% Fibo of the August 7-9 decline) may lead it to 1.6590 (50% Fibo). The decline below 1.6480 is needed to open the way down to 1.6420. Finally, only the fall below 1.6380 will confirm a top and open the way down to 1.6255.
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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