EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'High Wave' pattern
2019-11-11 • Updated
There's a 'High Wave' pattern, which has been confirmed. It's likely that the price is going to test the nearest support at 1.1335 in the coming hours. If a pullback from this level happens next, there'll be an opportunity to have a local upward correction.
The price is declining because of the last bearish 'Engulfing' pattern. The main intraday target is the lower 'Window' (1.1335). This level could be a starting point for an upward correction in the direction of the nearest resistance at 1.1437.
A comparative examination of the strength of the US-Dollar often gives tangible insight into the direction of Gold (XAUUSD). The chart above indicates the expectation of a bullish price reaction from the demand zone
The US Dollar has been remarkably sluggish for the past few weeks despite being within a distinct Demand zone. My expectation of a springing rebound off the demand zone has not exactly played out yet, however, the zone remains unbroken.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances