Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: bears pull the EUR down
2019-11-11 • Updated
SELL 127.55 SL 128.1 TP1 126.55 TP2 125.75 TP3 123.1
On the daily chart of EUR/JPY, there are implementations of the "Broadening wedge" and "Shark" patterns (88.6% target). Bears need to break the supports at 126.55 and 125.74 (78.6% and 88.6% from the 4-5 wave) to restore the middle-term downtrend.
On H1, bears managed to pull the pair towards the lower border of the consolidation range between 127.55 and 130.1, which was formed as a part of the "Spike and ledge" pattern's implementation. If the support at 127.55 is broken, it will increase the risks of the implementation of the AB=CD pattern's 200% target.
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