Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: bulls are counterattacking
2019-11-11 • Updated
TP1 128.15; TP2 129; TP3 129.15
On the daily chart, EUR/JPY reached 161.8% target of AB=CD. This increases the risks of a pullback to the lower border of the 129.15-132.15 consolidation range. To continue moving down, bears have to renew May low.
On H1, EUR/JPY triggered a “Shark” pattern. Its 88.6% and 113% targets are at 128.15 and 129. The necessary condition to continue the rally is a successful advance above resistance at 127.30.
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.
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