Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD: the EUR is strengthening
2019-11-11 • Updated
BUY 1.1445 SL 1.139 TP1 1.1545 TP2 1.159 TP3 1.169
On a daily chart of EUR/USD, there is a correction towards the downward middle-term trend as a part of the transformation of the "Shark" pattern into 5-0.
If the pair successfully breaks the resistance at 1.1445 (38.2% from the CD wave) the "Head and shoulders" pattern will be implemented. Bulls will have a chance to move the pair out of the downward channel and continue going up.
On H1, the break of the downward channel' upper border and successful test of the resistance at 1.1445 will increase the risks of the implementation of the 88.6% targets of the "Bat" and "Shark" patterns.
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!