EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Pennant" led to bullish rally
2019-11-11 • Updated
Bulls have broken the downtrend, so the price faced resistance at 1.0991. Therefore, the market is likely going to continue moving up towards the next resistance at 1.1025 - 1.1039 in the short term. If a pullback from this area happens, there'll be an opportunity to have a decline in the direction of the nearest support at 1.0951 - 1.0910.
The last consolidation led to another bullish rally. The main intraday target is resistance at 1.1015 - 1.1025, which could be a departure point for a bearish correction towards support at 1.0972 - 1.0947.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.