Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: inside bar will show the way
2019-11-11 • Updated
Recommendation: SELL 127.1 SL 127.65 TP1 126.1 TP2 125.5
On the daily chart, EUR/JPY bulls are counting on the break of the upper border of the descending trend channel and advance to 88.6% target of the “Shark” pattern. Bears want to return the pair to the lower border of an inside bar near 127.10 and trigger AB=CD pattern with a target of 161.8%.
On H1 of EUR/JPY, a successful test of support at 127.1 will increase the odds of the pair getting to 88.6% target of a “Double top”. The nearest resistance levels are near 129.05 и 129.4.
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