EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: developing double zigzag
2019-11-11 • Updated
Wave 4 turned out to be bigger, so 5/8 MM Level is likely going to be tested once again. If a pullback from this level arrives later on, there'll be an opportunity to have wave 5. In this case, we should keep an eye on 8/8 MM Level as an intraday target.
It seems like wave 4 is taking the form of a double zigzag. The last decline could be wave (a) of [y], so bulls are likely going to deliver wave (b) during the day. Nevertheless, we could have another bearish impulse in wave (c) of [y] of 4 afterwards.
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.