Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!
EUR/JPY reversed from resistance zone
2019-11-11 • Updated
- EUR/JPY reversed from resistance zone
- Next sell target - 131.70
EUR/JPY today reversed down from the the resistance zone lying between the resistance level 134.50 (top of the previous impulse wave (iii) and the buy target set previously for this currency pair) and the upper daily Bollinger Band. If the pair closes today near the current levels it will form the strong daily Japanese candlesticks reversal pattern Evening Star. Given the overbought value of the daily Stochastic and CCI indicators - EUR/JPY is expected to fall to the next sell target at the next support level 131.70.
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Let's dive into the latest developments shaping the global economic landscape. Good news first: the threat of an unprecedented US debt crisis has receded, as US lawmakers passed a bill to raise the debt ceiling and avoid a catastrophic default. Phew! But don't pop the champagne just yet, because storm clouds are still looming. High inflation, rising interest rates, and sluggish growth are challenges that have yet to disappear.
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