Fed Chair Powell’s comments on the Jackson Hole Symposium resulted in the worst weekly candle in the US500 index since June. Most risky assets experienced severe drawdowns, and EURUSD returned to the above-parity area. We explain everything you need to know about the Symposium in this article.
EUR/JPY is attacking a fortress
2019-11-11 • Updated
TP1 132.15 TP3 133.15 TP3 134.15
On the daily chart, a pullback of EUR/JPY after reaching 88.6% target of the “Bat” is dragging on. A break of resistance levels at 78.6% and 88.6% of the wave AD usually points at the resumption of growth in the wave XA.
On H1, EUR/JPY is testing convergence area near 88.6% target of the “Shark”. To continue the advance, bulls need to push the pair above the resistance at 131.20 (88.6% of the wave AD of the “Bat” pattern).
Despite a slight decline from its highest levels since 2002, around 109 range, it is just a correction, and the green king, the US dollar, will resume its rally…
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