EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/CHF broke key resistance level 1.1610
2019-11-11 • Updated
- EUR/CHF broke key resistance level 1.1610
- Next buy target - 1.1750
EUR/CHF continues to rise after the earlier breakout of the key resistance level 1.1610 (top of the previous minor correction B and the former strong support level from November and December). The breakout of the resistance level 1.1610 accelerated the active C-wave of the intermediate ABC correction (B) from February. EUR/CHF is expected to rise further toward the next buy target at the next resistance level 1.1750 – followed by 1.1800.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances