EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD broke strong resistance level 1.1360
2019-11-11 • Updated
- EUR/USD broke strong resistance level 1.1360
- Next buy target - 1.1500
EUR/USD continues to rise after the earlier breakout of the resistance level 1.1270 (which was set as the buy target in our earlier forecast for this currency pair). The breakout of the resistance level 1.1270 accelerated the active minor impulse wave (c), which belongs to the ABC correction 2 from January. The price today broke above the next strong resistance level 1.1360 (previous monthly high from August) – which should strengthen the bullish pressure on this currency pair. EUR/USD is expected to rise to the next buy target at the resistance level 1.1500 (target price for the completion of the active wave (c)).
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
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