Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/AUD wants down
2019-11-11 • Updated
SELL 1.6280; TP 1.6225; SL 1.63
Have a look at the chart of EUR/AUD. There’s a bearish divergence between the price and the Awesome Oscillator on D1. The pair tested levels above the 50% Fibo of the 2008-2012 decline but then returned lower. In addition, yesterday the pair formed a bearish pin bar (a candlestick with a long upper wick). These are solid reasons to expect a correction to the downside. The European manufacturing/services PMI released today may trigger the move.
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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