EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 55 & 89 MA acted as resistance
2019-11-11 • Updated
The 55 & 89 Moving Averages have acted as resistance, so the price is declining. It's likely that the pair is going to test the nearest support at 1.1519. A pullback from this level could be a departure point for an upward price movement towards the 144 Moving Average.
There's a 'Three Methods' pattern, so the market is declining. It seems like we're going to have an upward correction towards the closest resistance at 1.1596. If a pullback from this level happens next, there'll be time for another decline to 1.1519.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
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