EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bullish 'Three Methods' pattern
2019-11-11 • Updated
There's a bullish 'Three Methods' pattern, which has been confirmed. So, the pair is likely going to test the next resistance at 1.1478. If a pullback from this level happens little later on, bears will probably try to deliver a downward correction.
We've got a bullish 'Hammer', which has been formed above the 'Window'. Also, there's no any confirmed bearish pattern so far. Thus, the market is likely going to reach the previously tested resistance at 1.1478. This level could be a starting point for a decline towards the Moving Averages.
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.