EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 6/8 MM Level as important resistance
2019-11-11 • Updated
6/8 MM Level is likely going to act as resistance once again. If we see another pullback from this line, wave (i) is going to be continued towards 4/8 MM Level. The critical level for this wave count is the high of wave (c) of [y] of 2.
There's a possible developing zigzag in wave ii. So, bulls are going to test 8/8 MM Level in the coming hours. If a pullback from this level arrives, we could have wave [B] of ii. The main target for this correction is 6/8 MM Level.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.