Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: bulls went to the stable
2019-11-11 • Updated
TP1 132.05 TP2 131.5
On the daily chart, EUR/JPY is trading in the “Shakeout-Fakeout” pattern. After reaching 161.8% target of AB=CD the pair returned inside the previous consolidation range of 131.50-134.30. A break of the lower border of an uptrend will increase the risks of correction to the long-term bullish trend.
On H1, a successful test of support at 133.05 will allow bears to trigger the “Shark” pattern and make the pair go to 88.6%.
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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