Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/CAD: more downside ahead
2019-11-11 • Updated
SELL 1.4700; TP 1.4600; SL 1.4730
EUR/CAD made a big breakout to the downside. On W1, you will see that it broke the support line from 2015. This line has become resistance around 1.4750. On D1, you may see that the attempt to return above this area failed. The pair continued to fall on Friday and closed near the day’s minimum. The target on the downside lies at 1.4588 (50% Fibo of the 2015-2018 advance).
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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