Dovish ECB and hawkish Fed paint a bearish outlook for the EUR/USD. Is declining to 1.0770 the next stop?
Will EUR/JPY resume the downtrend?
2019-11-11 • Updated
SELL 123.95; TP 123.30; SL 124.10
BUY 125.10; TP 125.90; S: 124.90
EUR/JPY spent more than a month correcting up after its spike down at the start of January. It seems that the time the downtrend finally resumes is getting nearer.
On W1, 50-week MA went below the 100-week one. If the price closes the current week below 124.00, we’ll get a falling three methods pattern — a sign of bearish continuation.
On D1, moving averages are in the negative setup. The pair approached 124.20, the support line connecting January 15 and January 2 lows. A break lower will lead EUR/JPY to lower ranges. If the pair attempts to recover, it will meet resistance at 125.00. The rise above this level is needed to let the euro retest the downtrend resistance and the 50-day MA at 126.00.
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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