EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bearish "Three Methods"
2019-11-11 • Updated
The pair has been declining since a “Harami” was formed at the last high. Also, there’s a developing “Three Methods” pattern. If the 89 Moving Average acts as a resistance, the market is likely going to test the lower “Window”, which could be a departure point for an upward correction.
The price found a lodgement under the upper “Window”. Moreover, there’s a bearish “Shooting Star”, but this pattern hasn’t been confirmed yet. So, the lower “Window” is likely going to act as a support soon.
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.