Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY is on shaky ground
2019-11-11 • Updated
SELL 117.30; TP 115.50; SL 117.70
The euro is fundamentally weak: the recent economic figures from the euro area were quite disappointing. Such weakness has prevented EUR/JPY from getting back above 120.10 (61.8% Fibo retracement of the 2016-2018 advance). The pair formed two doji candlesticks on W1. Although there is a chance that the euro will keep consolidating above the support at 117.50 and make yet another go at 120.00, the break below this support will trigger a bigger selloff. The downside target will be at 115.35 (78.6% Fibo).
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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