EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Tower" and "High Wave"
2019-11-11 • Updated
We've got a "Tower" and a "High Wave", but both patterns haven't been confirmed yet. So, the price is likely going to test the nearest resistance. If a pullback from this level happens, there'll be an opportunity to have another decline towards the closest "Window".
There's a "High Wave", which has been confirmed enough. Also, we've got an unconfirmed "Shooting Star". In this case, we could have a local bearish correction, but bulls are likely going to test the Moving Averages afterwards.
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.