Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: Uncertainties around the EUR
2019-11-11 • Updated
Recommendation: SELL 127.55 SL 128.1 TP1 126.55 TP2 125.75 TP3 124.8, BUY 129.95 SL 129.4 TP1 130.95 TP2 131.15 TP3 132.5
On a daily chart of EUR/JPY, there is a consolidation based on the implementation of the “Broadening Wedge” pattern. The break of the resistance at 129.95 and implementation of the “Shark” pattern with the 88.6% target are needed to resume the long-term uptrend. Otherwise, if the pair moves back to the borders of the downward channel, the bearish pressure will increase.
On H1, the implementation of the “Spike and ledge” pattern continues. If the pair moves out of the 127.55-129.55 range, its future direction will be certain.
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.
This article will analyze the possible scenarios for the EU, and what's more important, look at the charts. There is a lot to see, let's go!
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