EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: consolidation above the 34 MA
2019-11-11 • Updated
Bulls faced resistance at 1.1464, so we've got a "V-Top" pattern, which pushed the price to support at 1.1398. In this case, the market is likely going to test the next support at 1.1365. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards resistance at 1.1464 - 1.1494.
The main trend is still bullish, but there's a consolidation, which is taking place above the 34 Moving Average. Therefore, the pair is likely going to reach the nearest support at 1.1365 during the day. However, if we see a pullback from this support, bulls will probably try to reach resistance at 1.1464.
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.
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.