Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD: bulls loosened their grip
2019-11-11 • Updated
SELL 1.2225 SL 1.228 TP1 1.216 TP2 1.2045
BUY 1.2295 SL 1.224 TP1 1.237 TP2 1.2475
On the daily chart, EUR/USD keeps forming “Spike and reversal with acceleration”. Bears count on the continuation of the decline toward an interim target at 78.6% of the “Bat” pattern. Never the less, the pair is for now above support at 1.2015-1.2045, and bulls are in control of the situation.
On H1, after having formed a widening wedge EUR/USD went to the 3-week and formed a short-term consolidation range of 1.2225-1.2295.
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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