EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Pennant" led to massive decline
2019-11-11 • Updated
Bears faced support at 1.1875, but the market is likely going to continue falling down. So, we should keep an eye on the 55 Moving Average as an intraday target. If a pullback from this line happens, there'll be an opportunity to have an upward price movement towards the nearest resistance at 1.1909 - 1.1959.
The last "Pennant" led to a massive decline. The main intraday bearish target is the closest support at 1.1838 - 1.1827. Meanwhile, if we have a pullback from this area, bulls will probably try to deliver an upward correction.
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.