EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: confirmed 'Triple Bottom'
2019-11-11 • Updated
The main trend is still bearish, but there's a bullish 'Thorn', so the market is likely going to test the nearest resistance at 1.1895. A pullback from this level could be a departure point for another decline towards the last low.
There's a confirmed 'Triple Bottom', so the price is rising. However, there's an opportunity to have a local downward correction. In this case, if a pullback from the closest support at 1.1779 happens in the coming hours, there'll be a moment for a bullish price movement.
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.