EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: primary trend remains bearish
2019-11-11 • Updated
The primary trend remains bearish. However, the price is still consolidating in a range of the developing 'Triangle'. The main intraday target is the next support at 1.1601 - 1.1590, which could be a starting point for an upward correction.
The last 'Pennant' pushed the price lower. At the same time, it's likely to have an upward correction during the day. So, if a pullback from the nearest resistance at 1.1637 happens next, there'll be a moment to have 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?