Between inflation, rate hikes, and war: what's next for EUR/USD?
Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD: bulls took a break
2019-11-11 • Updated
On the EUR/USD daily chart, there is a consolidation in the range of 1.0705-1.0785. A breakout of its upper border will increase the risks of continuation of the rally towards 1.086, and then, towards 1.104 (target 161,8% in the AB = CD pattern ). In contrast, a successful test of the support at 1.0705 can lead to the development of the correction towards 1.0635 and 1.06 levels.
On the EUR/USD hourly chart, the Dragon pattern was successfully implemented. At the present moment, there is a formation of the triangle. A successful test of its upper border and resistance at 1.0775 will open the way for the bulls to the north. "Bears" expect a drop of the quotes below the support at 1.072.
Recommendations:
BUY 1,0775 SL 1,072 TP1 1,086 TP2 1,104,
SELL 1,0705 SL 1,076 TP 1,06.
Similar
What to trade on April 11-15
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.
The New Era for the Euro
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!
Latest news
Walmart earnings outlook
Walmart is one of the biggest retail corporations in the US, with $244 billion in total assets. Does it worth buying amid rising prices and supply concerns that shatter the world economy?
Japan's inflation is at 2%, but what about a weaker Yen?
Japan's inflation is set to reach 2% in April's reading, for the first time since 2015. But what about the weaker Yen?!
What to trade on May 16-20?
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
