Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/GBP: a short-term idea
2020-01-13 • Updated
EUR/GBP formed a candlestick with a long lower wick on the MN chart – a sign of reversal to the upside. On the W1, two attempts to test lower levels ended by the ultimate failure of sellers. The pair went above the December-January resistance line in the 0.8517 area. The price action resembles the harmonic “butterfly” pattern. It means that the price will likely rise to the 0.8570/90 area before it meets resistance and starts declining. We favor buying as long as EUR/GBP is above 0.8525 with target at 0.8565/70. When the pair gets up to 0.8570/90, we’ll look for selling opportunities.
BUY 0.8540/30; TP 0.8565; SL 0.8525/15
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