EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bullish "High Wave"
2019-11-11 • Updated
There's a bullish "High Wave", which has been confirmed by the last "Three Methods" pattern. So, the pair is likely going to test the nearest resistance area, which could be a starting point for a bearish correction towards the Moving Averages.
We've got a bearish "High Wave". However, this pattern hasn't been confirmed enough, so the market is likely going to reach the next resistance. If a pullback from this level happens little later on, bears will probably try to test the closest support.
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.