Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: bulls want to continue the party
2019-11-11 • Updated
TP1 131.70 TP2 133.40 TP3 136.70
On the daily chart, EUR/JPY keeps forming the junior “Ideal butterfly” pattern and the senior “Shark”. Bulls managed to settle above an important support at 131.05 (50% of the last medium-term descending wave) and are ready to continue the rally.
On H1, EUR/JPY is forming a “Spike and reversal with acceleration”. Bulls are dominating at the market, so pullbacks to dynamic support (EMA21) may be used for buying.
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