EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Three Methods" pattern
2019-11-11 • Updated
The 55 Moving Average is acting as resistance, so we've got a "Shooting Star" on this line. However, confirmation of this pattern is a quite weak, so we could have just a local bearish correction. If a pullback from the nearest support happens little later on, there'll be an opportunity to have an upward price movement towards the 89 Moving Average.
There's a bearish "Three Methods" pattern, which has been strongly confirmed. Also, there isn't any reversal pattern so far. In this case, the market is likely going to decline in the direction of the nearest support level, which could be a departure point for another bullish rally.
For those who may be unfamiliar with Price Action trading, the horizontal arrows represent areas where the market structure was broken. As you can see in the scenario above, price broke below the previous low at the two marked instances
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.