Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/GBP: bulls dream about surfing
2019-11-11 • Updated
BUY 0.8895 SL 0.884 TP1 0.8995 TP2 0.9075
SELL 0.8770 SL 0.8825 TP 0.8670
On the daily chart, the “Shark” pattern is transforming into 5-0. Return to 50% of the wave CD may be a reason for buying. On the other hand, a break of support levels at 78.6% and 88.6% of the wave CD will increase the risks of odds of a decline.
On H1, there are conditions for triggering “Wolfe waves” pattern with the following formation of a “Shark” pattern. At first, bulls need to conquer resistance at 0.8895 (high of the bar which marked the previous low).
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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