EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "V-Bottom" pattern
2019-11-11 • Updated
The main trend is still bullish. The 34 Moving Average has acted as support, so we've got a "V-Bottom" pattern on this line. Therefore, the market is likely going to reach the nearest resistance at 1.2042 - 1.2069 in the short term. If a pullback from this area happens, we could have a decline towards the next support at 1.1909.
Bears faced with support at 1.1907, so we've got a "V-Bottom" pattern, which led to the current consolidation. In this case, the pair is likely going to achieve the closest resistance at 1.2028 - 1.2042 during the day. Meanwhile, if we have a pullback from these levels, there'll be an opportunity to have a downward price movement towards another support at 1.1941 - 1.1934.
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.