Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: short-term upside
2019-11-11 • Updated
BUY 126.25; TP1 127.00; TP2 127.30; SL 126.05
EUR/JPY has reached the support line connecting 2018 lows and the lower weekly Bollinger band in the 125.50 area. It’s the natural place for the pair to find some support. The pair formed a bullish engulfing pattern on D1. The short-term recovery may take the euro to 127.00/35. Then the selling pressure will likely return.
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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