EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'Pennant' led to a new local high
2019-11-11 • Updated
The last 'Pennant' led to a new local high, but there's a 'V-Top', so we could have a correction soon. The main intraday target is the 89 Moving Average. If a pullback from this line happens next, there'll be a moment for another upward price movement.
We've got a 'V-Top', so there's an opportunity to have a local bearish correction. Meanwhile, if a pullback from the closest support at 1.1574 forms little later on, bulls will probably try to reach another resistance at 1.1661 - 1.1679.
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.