EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'Double Top' led to decline
2019-11-11 • Updated
The market has been declining since the last 'Double Top' was formed. The main intraday target is the next support at 1.1312. If a pullback from this level happens next, there'll be a moment to have an upward correction towards the closest resistance at 1.1425 - 1.1478.
Bears faced with support at 1.1365, so the pair is consolidating. It's likely that we're going to have a 'Pennant' pattern, so we should keep an eye on another support at 1.1312 as an intraday target. A pullback from this level could be a starting point for a bullish correction.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.