EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/JPY broke support zone
2019-11-11 • Updated
- EUR/JPY broke support zone
- Next sell target - 124.00
EUR/JPY has been falling sharply in the last few trading sessions and today broke through the support zone lying between the support level 126.00 and the support trendline of the wide daily down channel from February. The breakout of this support zone accelerated the active impulse waves (iii) and 3. EUR/JPY is expected to fall further toward the next sell target at the next support level 124.00 (target price for the completion of wave (iii)).
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances