EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bearish 'Engulfing' led to decline
2019-11-11 • Updated
The last bearish 'Engulfing' led to the current decline. Also, there's a 'Three Methods', so the market is likely going to test the next support at 1.1511. A pullback from this level could be a departure point for another upward price movement.
There's a bearish 'Harami', so the pair is going to reach the lower 'Window' (1.1609). If a pullback from this level happens little later on, bulls will probably try to reach the nearest resistance at 1.1677.
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.