EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: confirmed "Hammer"
2019-11-11 • Updated
There are bullish patterns such a "Piercing Line" and a "Harami", which both have been confirmed. Therefore, the market is likely going to test the 34 & 55 Moving Averages. If a pullback from these lines happens little later on, there'll be an opportunity to have another decline.
We've got a confirmed "Hammer", which has been formed at the last local low. Meanwhile, we could have a local bearish correction during the day, but bulls are likely going to reach the 144 Moving Average afterwards.
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The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
Even though we've only witnessed sluggish movements from the Dollar over the past few weeks, the general idea and bias still seem intact and untampered. The bullish impulse however can be seen as "searching for support".