EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: market consolidating between the MA
2019-11-11 • Updated
The market is consolidating between the 89 and 34 Moving Averages. It's likely that we're going to have a 'Triangle' soon. If so, we should keep an eye on the nearest resistance at 1.1829 - 1.1853 as the next bullish target.
There's a local 'Double Bottom', which pushed the market higher. Meanwhile, we could have a local downward correction in the coming hours. So, if a pullback from the closest support at 1.1778 happens next, there'll be time for another bullish 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.