EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: local bullish 'High Wave'
2019-11-11 • Updated
There's a local bullish 'High Wave', so the market is likely going to continue rising. The main intraday target is the next resistance at 1.1787, which could be a departure point for a downward correction.
The last bullish 'Engulfing' pushed the price higher. Meanwhile, if a pullback from the nearest resistance at 1.1732 happens next, there'll be a moment for a decline towards the closest support at 1.1696.
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.