EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Pennant" pattern
2019-11-11 • Updated
The main trend is still bullish, but there's an opportunity to have a bearish correction because of the last "Triple Top" pattern. So, we should keep an eye on the nearest support area at 1.2194 - 1.2164 as the next intraday target.
There's a "Pennant" pattern, so the pair is likely going to test the closest support at 1.2164 in the coming hours. If a pullback from this level happens little later on, there'll be a moment to have another bullish price movement.
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.