EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: market to test the next support
2019-11-11 • Updated
The last 'Flag' pattern has been broken, so the market is likely going to test the next support at 1.1509 - 1.1478. A pullback from this area could be a departure point for a bullish correction towards the nearest resistance at 1.1623 - 1.1652.
The price is still consolidating under the Moving Averages. It seems like there's a 'V-Bottom' pattern, so the pair is going to reach the closest resistance at 1.1607 - 1.1623.
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.