EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: market going to reach next resistance
2019-11-11 • Updated
The price is consolidating near the 55 Moving Average. It seems like bulls are going to test the 34 MA, which could be a departure point for a decline towards the nearest support at 1.1108.
Bulls faced resistance at 1.1165. However, the market is likely going to reach the next resistance at 1.1181 - 1.1193 in the coming hours. If a pullback from this area happens, there'll be an opportunity to have a downward price movement in the direction of support at 1.1131 - 1.1118.
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.