EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: price rising because of bullish 'Hammer'
2019-11-11 • Updated
The last bullish 'Hammer' has been confirmed, so the price is rising. It's likely that the market is going to test the upper 'Window', which could be a starting point for another decline.
The price is rising because of the last 'Morning Star' pattern. Also, there's a bullish 'Engulfing'. So, after a short break, the pair is likely going to continue moving up.
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.