EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: price consolidating between 89 and 34 MA
2019-11-11 • Updated
The price is consolidating between the 89 and 34 Moving Averages. It's likely that the market is going to test the nearest support at 1.1717 - 1.1675. This area could be a starting point for an upward price movement towards the next resistance at 1.1799 - 1.1829.
All the Moving Averages have been broken. However, we could have an upward correction during the day. If a pullback from the closest resistance at 1.1778 happens litter later on, there'll be a moment for another decline.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
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?