EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bullish 'Engulfing'
2019-11-11 • Updated
There's a bullish 'Engulfing', but the price faced with resistance by the 89 Moving Average. In this case, we should watch the lower 'Window' (1.1322) as an intraday target. The subsequent pullback from this level could lead to an upward correction towards the 144 MA (1.1414).
The price is rising because of the last 'Tweezers'. At the same time, the upper 'Window' (1.1387) has acted as resistance. If any bearish pattern forms next, there'll be a green light for a decline in the direction of the lower 'Window' (1.1322), which acted as support many times before.
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.