EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bearish 'Engulfing' pattern
2019-11-11 • Updated
There's a bearish 'Engulfing' pattern, which hasn't been confirmed yet. Thus, it's likely that the pair is going to test the lower 'Window' (1.1323) in the coming hours. If a pullback from this level happens next, there'll be a moment to have another upward price movement.
The upper 'Window' has acted as resistance, so there's an 'Engulfing' pattern. In this case, the market is likely going to reach the lower 'Window" (1.1323) shortly. If any bullish pattern forms on this level next, there'll be a green light for an advance in the direction of the previously tested resistance at 1.1437.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.