Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: the Japanese yen is strong
2019-11-11 • Updated
TP1 129.45 TP2 128.95 TP3 128
On the daily chart of EUR/JPY, the "Broadening wedge" pattern is at its last stage of the formation. To continue the rally, bulls have to break the resistance at 131.15 (23.6% of the 4-5 wave) and 133.15. Vice versa, a return of the pair within the downward channel will increase risks of the correction to the long-term upward channel.
On H1, when the pair reaches the 113% target of the "Shark" pattern and there is a rebound from the resistance at 130.45, it will be a signal to sell within the transformation of the "Shark" pattern to 5-0.
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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