EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: second pullback from 8/8 MM Level in a row
2019-11-11 • Updated
We've got the second pullback from 8/8 MM Level in a row. So, wave [y] of 2 may have been finished. In this case, bears are likely going to deliver wave (i), which means we should keep an eye on 6/8 MM Level as an intraday target.
There's a bearish impulse, which could be wave i of (i). 8/8 MM Level has acted as resistance twice. Moreover, wave ii seems to be ended, so we're likely going to see a decline in wave iii of (i) in the direction of 5/8 MM Level.
Let's start off with a look at the Daily timeframe on Bitcoin. We currently see price reacting to the rally-base-rally demand zone between the 15,600 - 14,300 price area. Price also seems to have found support off the trendline support as marked in the image above. Interestingly, this means the overall bias on BTCUSD is Bullish.
Central Bank Digital Currencies (CBDCs) are virtual national money. The idea of creating such currencies came to the authorities after the success of cryptocurrencies, which also exist only in digital form.
The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.