EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bullish "High Wave"
2019-11-11 • Updated
The 89 Moving Average has acted as support, so we've got a "High Wave" pattern, which was confirmed. So, we could have an upward correction and a decline afterwards.
There's a bullish "High Wave", which has been confirmed. In this case, the market is likely going to test the nearest "Window". If a pullback from this level happens, bears will try to deliver a new local low.
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