EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'Flag' led to new high
2019-11-11 • Updated
The last 'Flag' led to the current upward price movement. The main intraday target is the next resistance at 1.1853 - 1.1896. A pullback from this area could be a departure point for another decline towards the nearest support at 1.1799 - 1.1762.
It's likely that there's a 'V-Top' pattern, so the market is going to test the closest support at 1.1799. If a pullback from this level happens little later on, there'll be a moment to have an upward price movement towards the next resistance at 1.1853 - 1.1896.
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.