EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Engulfing", "Doji" and "Harami"
2019-11-11 • Updated
There are bullish patterns such an "Engulfing", a "Doji" and a "Harami", which all have been formed on the 55 Moving Average line. So, the market is likely going to test the nearest resistance in the short term.
The price has reached the Moving Averages, so it's likely to have any bearish pattern soon. In this case, we could have a local bearish correction, but bulls will probably try to deliver a new local high afterwards.
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.