The Bank of England (BoE) has dramatically shifted its economic forecasts. They no longer expect a recession in the UK and have upgraded their growth projections. This year, the BoE predicts GDP growth of +0.25%, a significant improvement from previous expectations. Next year's forecast is even more optimistic, with a projected growth of 0.75%.
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.
On Wednesday, the US dollar weakened in anticipation of the US CPI data, which could influence market exposure. A Bloomberg survey predicts a year-on-year read of 5.0% to the end of April. Market sentiment is affected by the US debt ceiling and issues with regional banks. While the major APAC equity indices are...
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