EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "High Wave" at the local low
2019-11-11 • Updated
The price has been consolidating since the last "Inverted Hammer" formed. However, we've got a "High Wave" at the local low. Considering confirmation of this pattern, the market is likely going to test the nearest resistance, which could be a departure point for another decline.
The last "Window" has been closed, so there's a confirmed "High Wave". In this case, the price is likely going to test the nearest support level, which could be a departure point for a local upward price movement.
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.