EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'Flag' pattern
2019-11-11 • Updated
The market is consolidating between the levels 1.1745 - 1.1654. Also, there's a 'Flag' pattern, so the price is likely going to test the next resistance at 1.1717 - 1.1745 in the coming hours. A pullback from this area could lead to a downward correction.
There's a local 'Pennant', so the pair is going to achieve the closest support 1.1679 - 1.1661. This area could be a departure point for a bullish price movement towards the nearest resistance at 1.1717 - 1.1745.
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.