EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: primary trend is still bearish
2019-11-11 • Updated
The primary trend is still bearish. Also, there's a 'Flag', so the market is likely going to test the next support at 1.1762 - 1.1717. A pullback from this area could be a departure point for an upward correction.
The price is consolidating under the 34 Moving Average. The main intraday target is the nearest support at 1.1751 - 1.1717. If a pullback from this area happens little later on, bulls will probably try to test the closest resistance at 1.1779 - 1.1822.
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.