EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Double Top" pattern
2019-11-11 • Updated
Bulls faced resistance at 1.1464, so we've got a bearish "V-Top" pattern, which pushed the price to support at 1.1425. However, bears are likely going to test the next support at 1.1398 in the short term. If a pullback from this level happens, there'll be an opportunity to have an upward price movement towards the nearest resistance at 1.1494 - 1.1529.
There's a "Double Top" pattern, which has been confirmed. The price is testing support at 1.1444, so we could have another decline in the direction of the 89 Moving Average. Meanwhile, if a pullback from this line happens, bulls will have a green light to reach the next resistance at 1.1488 - 1.1494.
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.