EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: confirmed bearish 'High Wave'
2019-11-11 • Updated
There's a bearish 'High Wave', which has been confirmed. So, the price is likely going to test the nearest resistance at 1.1368. If a pullback from this level happens little later on, bears will probably try to reach the next support at 1.1268, which could be a departure point for an upward correction.
We've got a bearish 'Hammer', which confirmed by the following 'Three Methods' pattern. The pair has reached the 34 Moving Average, but there's no any reversal pattern so far. In this case, we should watch the 89 Moving Average (1.1368) as an intraday target. The subsequent pullback from this level could lead to another decline.
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
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.