Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: euro angered sharks
2019-11-11 • Updated
TP1 129.65 TP2 128.95
On the daily chart of EUR/JPY, the “Shark” pattern is transforming into 5-0. A pullback from resistance at 132.2-132.5 (38.2% of the wave CD) allowed to form short positions. If bears manage to keep the pair below 131.25, the risks of the decline’s continuation will increase.
On H1, the inability of bulls to push the pair above 132.00 points at their weakness. A break of support at 130.9-130.95 will create the ground for the decline to 88.6% and 113% targets of the “Shark”.
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