EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: main trend is still bearish
2019-11-11 • Updated
The main trend is still bearish. However, there's an opportunity to have an upward correction towards the nearest resistance at 1.1762. This level could be a departure point for another decline.
There's a local 'V-Bottom', so the market is likely going to test the 89 Moving Average. If a pullback from this line happens next, there'll be an opportunity to have a decline towards the closest support at 1.1689 - 1.1675.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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?