EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'V-Top' pattern
2019-11-11 • Updated
There's a 'V-Top' pattern, so the market is likely going to test the 89 Moving Average in the short term. A pullback from this line could be a departure point for an upward price movement towards the next resistance at 1.2358 - 1.2377.
We've got a 'Triple Top', so we should keep an eye on the 89 Moving Average as an intraday target. Meanwhile, if a pullback from this line happens little later on, bulls will probably try to test the nearest resistance area between the levels 1.2358 - 1.2377.
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.