
Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
2019-11-11 • Updated
Recommendation:
SELL 129.5, SL 130.05, TP1 128.5, TP2 127.95
BUY 130.2, SL 129.65, TP1 131.2, TP2 134.00
On the daily chart, EUR/JPY starts consolidating in the 128.5-131.3. If support at 128.5 fails, the pair may decline to 88.6% target of the “Shark” pattern.
On H1, if bulls fail to renew August high in the near term, “Shakeout-Fakeout” may form. The pair was trading in the 128.5-130.5 range for several weeks. Return to its middle will mean a false breakout.
Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
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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