EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "V-Bottom" pushing the price higher
2019-11-11 • Updated
The price is consolidating under a resistance at 1.0828. Therefore, the market is likely going to achieve the next resistance at 1.0850 in the short term. If a pullback from this level happens, there’ll be an opportunity to have a bearish correction towards a support at 1.0797 – 1.0774.
We’ve got a consolidation, which is taking place between the 34 Moving Average and the nearest resistance at 1.0828. Also, we’ve got a “Thorn” and “V-Bottom” patterns, so bulls are likely going to reach a resistance at 1.0850 during the day. Considering a pullback from this level, we should keep an eye on the closest support at 1.0774 as a possible bearish target.
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.