Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
EUR/USD: will the EUR rise?
2019-11-11 • Updated
Recommendation: BUY 1.1470 SL 1.1415 TP1 1.1570 TP2 1.1660 TP3 1.1760
On a daily chart of EUR/USD, the transformation of the “Shark” pattern into 5-0 pattern continues. Buyers are focused on moving the pair towards the resistances at 78.6% and 88.6% of the CD wave and breaking them. On the other hand, bears plan to move the pair towards the support at 23.6% with the following update of November’s minimum.
On H1, the successful test of the resistances at 1.1470 and 1.1515 (50% of the downward wave) will increase the risks of the implementation of targets at 113% and 88.6% of the senior and junior “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!
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