EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bullish "Tweezers" pattern
2019-11-11 • Updated
The last bullish "Tweezers" pattern has been confirmed. However, there's a bearish "Dark Cloud", so we could have a local downward correction. Anyway, the market is likely going to continue falling down afterwards until any reversal pattern forms.
The 34 Moving Average has acted as support, so there's a bullish "Harami", which has been confirmed. Therefore, we're likely going to have a new local high during the day.
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