Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/NZD is in a triangle
2019-11-11 • Updated
SELL 1.7240; TP1 1.7170; TP2 1.7050; TP 1.7260
BUY 1.7455; TP 1.7550; SL 1.7435
EUR/NZD met resistance in the 1.7570 area, at the line connecting the 2019 highs. The pair failed to close near this level last week and went down to consolidate around 1.7325. On H4, we can see that the consolidation is taking the form of a triangle and that Awesome Oscillator got into the negative territory. The decline below 1.7250 (lower border, 50-period MA) will open the way down to 1.7170 (38.2% Fibo of the July-August advance) and 1.7050 (50% Fibo).
The upper border of the triangle at 1.7430 likely provide resistance. Above it, the pair will have a chance to retest 1.7570, but only a break above this level can open the way to 1.7800.
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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