EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD reversed from support area
2019-11-11 • Updated
- EUR/USD reversed from support area
- Next buy target - 1.1270
EUR/USD recently reversed up from the support area lying between the support levels 1.1160 (which was set as the sell target in our previous forecast for this currency pair) and 1.1100 (which reversed the price with the daily Hammer in May, as can be seen below). This support area was further strengthened by the lower daily Bollinger Band and by the upper trendline of the recently broken daily up channel (acting as support after it was broken). The upward reversal from this support area started the active minor impulse wave (v). EUR/USD is expected to rise to the next buy target at the resistance level 1.1270.
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?