EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bearish "Shooting Star"
2019-11-11 • Updated
The 55 Moving Average has acted as support, but there isn't any bullish pattern so far. So, we could have a new local low soon. If we have another pullback from the 55 MA, there'll be an opportunity to have an upward price movement.
The price is still consolidating. We've got a bearish "Shooting Star", so bears are likely going to break the last low soon. If any bullish pattern arrives later on, bulls will probably try to test the Moving Averages.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.