Trade Ideas to Follow This Week
EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Thorn" pattern
2019-11-11 • Updated
The main trend is still bullish, but the price faced resistance at 1.1959, so we've got a "Thorn" pattern, which pushed the market to the 34 Moving Average. In this case, we should keep an eye on the nearest support area at 1.1827 - 1.1801 as an intraday target. If a pullback from these levels happens, we could have an upward price movement towards the closest resistance at 1.1909 - 1.1959.
Bears faced support at 1.1847, so the price is consolidating. However, the pair is likely going to test the next support at 1.1827 - 1.1822. If so, we could have a new local low soon. Meanwhile, there's an opportunity to have a bullish price movement towards the nearest resistance at 1.1892 - 1.1909 afterwards.
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