EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: a double top
2019-11-11 • Updated
The main trend is still bullish, but there's a "Double Top" pattern, which has been confirmed. The main intraday target is the nearest support at 1.2213 - 1.2164. If a pullback from this area happens little later on, there'll be an opportunity to have another upward price movement.
The last "Flag" pattern has been broken. So, the pair is likely going to reach the closest support area at 1.2213 - 1.2194 in the short term. Meanwhile, if we see a pullback from these levels, there'll be a moment to have a bullish price movement in the direction of the next resistance at 1.2233 - 1.2254.
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.