Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY is just above support
2019-11-11 • Updated
SELL 117.40; TP1 117.10; TP2 116.60; SL 117.55
The safe-haven appeal of the Japanese yen looks quite strong these days. EUR/JPY remains within the general downtrend (senior timeframes still have all indications of the bearish dynamics) and looks like it’s ready for another swing lower. On H4, there’s distinctive support at 117.45. A decline below it will open the way to 117.10 and 116.60. The 50-period MA is about to get below the 200-period one forming a bearish “dead cross”. Resistance is at 118.15 and 118.65.
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.
What happened? Historically investors treated the Japanese Yen as a safe haven in times of world crisis…
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