Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/JPY: yen prefers waves
2019-11-11 • Updated
Recommendation: SELL 128.45 SL 129 TP1 127.45 TP2 126.75 TP3 126.5
On the daily chart, EUR/JPY is fighting for an important level of 128.85. If buyers win, the odds of triggering “Ideal butterfly” and “Shark” patterns with targets at 127.2% and 88.6% will increase. On the other hand, bears’ victory will allow them to form AB=CD pattern. Its 161.8% target is near 120.7.
On H1 of EUR/JPY, there’s a bearish “Wolfe waves” pattern. A confident break of support at 128.45 will trigger a “Shark” pattern with targets at 88.6% and 113%.
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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