EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD reversed from support zone
2019-11-11 • Updated
- EUR/USD reversed from support zone
- Next buy targets - 1.1000 and 1.1100
EUR/USD continues to rise after the earlier upward reversal from the support zone lying between the support levels 1.0880 and 1.0830 (former strong resistance levels which have been reversing the price from the start of December). This support area was strengthened by the 20-day simple moving average. The upward reversal form this support zone started the active impulse wave (iii).
EUR/USD is expected to rise to the next buy target at the nearby resistance level 1.1000 (top of the previous impulse wave (i)) - the breakout of which can lead to further gains toward 1.1100 (target price for the completion of the active impulse wave 3).
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.