EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Thorn" pattern
2019-11-11 • Updated
The pair is consolidating near the 55 Moving Average. It's likely that the price is going to test the nearest support at 1.1649 in the short term. If a pullback from this level happens afterwards, there'll be an opportunity to have a bullish price movement towards the nearest resistance at 1.1757 - 1.1801.
Bears faced support at 1.1683, so there's a "Thorn" pattern, which pushed the price higher. The main intraday target is the nearest resistance at 1.1757 - 1.1776. However, if we see a pullback from this area, bears will probably try to reach another support at 1.1649.
The US dollar index has all chances of reaching the 2000s high of 120.00.
The Consumer Price Index announcement by Statistics Canada is set for release in a few hours will reveal the state of inflation in the Canadian economy
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