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 is quite weak. Anyway, the market is likely going to test the nearest resistance at 1.1695, which could be a starting point for another decline.
The pair has plunged because of the last 'Hanging Man' pattern. However, we've got a 'Hammer', so the pair is going to test the closest resistance at 1.1695. If a pullback from this level happens little later on, there'll be a moment to have a bearish 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.