EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bearish 'Engulfing' led to consolidation
2019-11-11 • Updated
The market has been consolidating since the last bearish 'Engulfing' formed. So, it's likely that the pair is going to test the nearest support at 1.1737, which could be a starting point for a bullish price movement towards the next resistance at 1.1836.
The 34 Moving Average is acting as support, but we've got a 'Shooting Star' pattern. In this case, the market is likely going to achieve the closest support at 1.1737. If a pullback from this level happens little later on, there'll be a green light for a bullish rally.
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