EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "V-Top" pattern
2019-11-11 • Updated
We've got a "V-Top" pattern, so the price reached the nearest support at 1.1657. However, bears are likely going to test the 34 Moving Average in the short term. If a pullback from this line happens, there'll be an opportunity to have another upward price movement in the direction of the closest resistance at 1.1712 - 1.1757.
The price is consolidating near the 55 Moving Average. Also, there's a "Pennant" pattern, so the pair is likely going to decline in the direction of the 89 MA. If we have a pullback from this line, bulls will have a green light to achieve resistance at 1.1712 - 1.1757.
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.