Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
How to trade EUR/CAD?
2019-11-11 • Updated
SELL 1.5045; TP 1.4945; SL 1.5060
BUY 1.5115; TP 1.5175; SL 1.5100
EUR/CAD formed a gravestone doji on W1. At the same time, it still managed to close above 100-week MA (1.5055) and the support line from October lows. The pair’s clearly at an edge. This week we can await a big move: either to the previous week’s high (1.52) or to 78.6% Fibo level (1.4940). All in all, the CAD seems to be stronger than the euro but confirmation is needed before selling.
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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