Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD: bears are out of their lair
2019-11-11 • Updated
TP1 1.2185 TP2 1.2090 TP3 1.1965
On the daily chart of EUR/USD, there’s a “Widening wedge” pattern. The inability of bulls to return the pair inside the uptrend channel pointed at their weakness and increase the risks of correction towards convergence area of 1.2055-1.2090 and 1.1935-1.1965.
On H1, EUR/USD keeps forming a “Widening wedge”. Pullbacks towards 61.8% and 50% of the wave 4-5 allowed to form short positions. To develop correction in that direction, at least to 88.6% target of the “Shark” pattern, the pair needs to break below support at 1.2295.
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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