EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bullish "Pennant" pattern
2019-11-11 • Updated
The 34 Moving Average has acted as resistance, so the price is consolidating. Meanwhile, the market is likely going to reach the next resistance at 1.1668 - 1.1695. If a pullback from these levels happens, we could have another decline towards the closest support at 1.1615 - 1.1582.
There's a "Pennant" pattern, so bulls are likely going to test the nearest resistance at 1.1668 - 1.1689 during the day. However, if a pullback from these levels happens, there'll be an opportunity to have a bearish price movement in the direction of another support at 1.1615 - 1.1601.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
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