
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.
2019-11-11 • Updated
Recommendation:
SELL 1.2655
SL 1.271
TP1 1.2555 TP2 1.2495
On the daily chart, USD/CAD formed a “Shakeout-Fakeout” pattern with a false break of an upper border of a triangle. As a result, the pair went outside of the uptrend channel. Such dynamics increases the risks of it sliding to 88.6% target of the “Bat” pattern.
On H1, USD/CAD is finishing a “Widening wedge” pattern. A pullback to 23.6% with the following return to point 5 means that bears are serious.
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.
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