Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD got scared of a Crab
2019-11-11 • Updated
TP1 1.2150 TP2 1.2080 TP3 1.1960
On the daily chart, EUR/USD keeps forming a «Widening wedge”. The inability of bulls to hold to 1.2307-1.2320 will point at their weakness and open the way down towards 127.2% target of AB=CD.
On H1, EUR/USD bears are ready to test the support at 1.2275. Success will allow them to trigger the “Crab” pattern with a target at 161.8%. Conservative approach means selling at 23.6% of the wave 4-5 of the widening wedge pattern.
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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