EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "Tower" led to decline
2019-11-11 • Updated
There's a bearish "Shooting Star" pattern, which has been confirmed. Therefore, the market is likely going to test the nearest support level, which could be a departure point for another upward price movement.
The last bearish "Tower" pattern led to the current decline. However, there's a bullish "Hammer", so we could have a local upward correction during the day. Meanwhile, bears are likely going to deliver a new local low later on.
The past several weeks have been a real triumph for the bulls in the oil market. The Brent spot price grew by 8.5% during the last month.
Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.
Amid concerns of a Chinese economic slowdown, reports of declining investment often overlook China's efficient investment strategy in emerging sectors for long-term growth. China has taken measures to stabilize foreign and private sector investments, like reducing the reserve requirement ratio to boost investor confidence.