EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: main trend is still bullish
2019-11-11 • Updated
The main trend is still bullish, but the price is consolidating. It's likely that the pair is going to test the 89 Moving Average in the short term. If a pullback from this line happens little later on, there'll be an opportunity to have an upward price movement towards the nearest resistance at 1.2313 - 1.2334.
Bulls faced with resistance at 1.2294, so there's a "Double Top" pattern. In this case, the market is likely going to test the closest support at 1.2254 - 1.2233. Meanwhile, if we see a pullback from this area, bulls will probably try to reach the 89 Moving Average.
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.
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