EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Flag" pattern
2019-11-11 • Updated
The main trend is still bullish. Also, there's a "Flag" pattern, so the market is likely going to test the next resistance at 1.2412 - 1.2445. If a pullback from this area happens little later on, there'll be an opportunity to have a bearish correction.
All the Moving Averages have been broken, so the price is rising. The main intraday target is the nearest resistance at 1.2412 - 1.2445. This area could be a departure point for a downward correction towards the closest support at 1.2387 - 1.2358.
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.