EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bullish "Hammer"
2019-11-11 • Updated
There's a bullish "Hammer", so the price is rising. Meanwhile, if a pullback from the nearest resistance area happens, there'll be a moment for another decline.
The 144 Moving Average is acting as resistance, but there's still no any reversal pattern. In this case, the market is likely going to test the closest support by the last "Three Methods" pattern, which could be a departure point for another upward price movement.
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.