EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'Shooting Star' points to local decline
2019-11-11 • Updated
There's a 'Shooting Star' pattern, which has been confirmed enough. In this case, we should watch the Moving Averages as a local bearish target. The subsequent pullback from these lines could lead to another bullish rally towards the next resistance at 1.1519.
We've got a 'Tweezers' pattern, which has been formed at the last local high. If we have a pullback from the closest resistance at 1.1462 in the coming hours, there'll be time for a decline in the direction of the closest support at 1.1390.
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.