Trade Ideas to Follow This Week
EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "V-Bottom" pushing price higher
2019-11-11 • Updated
The price faced support at 1.1066, so we've got a "V-Bottom" pattern. In this case, the market is likely going to continue moving up towards the next resistance at 1.1152 - 1.1171. However, if a pullback from this area happens, there'll be an opportunity to have a decline in the direction of support at 1.1103 - 1.1066.
There's a consolidation, which is taking place along the 34 Moving Average. Therefore, bears are likely going to test the nearest support at 1.1081 - 1.1075 in the coming hours. If we see a pullback from these levels, bulls will have a green light to reach resistance at 1.1152 - 1.1171.
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