EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'Inverted Hammer' on the 'Window'
2019-11-11 • Updated
There's an 'Inverted Hammer', but confirmation of this pattern isn't enough. So, after a short break, the market is likely going to achieve the lower 'Window', which could be a starting point for a bullish correction.
The price is consolidating under the 34 Moving Average. Because of the last 'Tweezers' pattern, the pair is likely going to test the 55 MA in the coming hours. If we have a pullback from this line little later on, there'll be a green light to have another decline.
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.