Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD: bulls need a rest
2019-11-11 • Updated
On the daily chart, EUR/USD keeps forming “Spike and ledge with acceleration”. The trend’s angle is increasing the risks of correction. The inability of bulls to keep the pair above 1.2062 and 1.2156 (161.8% and 200% targets) points at their weakness.
On H1, EUR/USD formed 2 convergence areas with the help of senior and junior AB=CD patterns. The fall of the pair below the low of the bar, which marked the previous minimum, will signal the start of bears’ counterattack.
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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