EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: "V-Top" pattern led to decline
2019-11-11 • Updated
The price faced with resistance at 1.1821, so there's a "V-Top". Therefore, the pair is likely going to test the 55 Moving Average in the short term. If a pullback from this line happens little later on, there'll be an opportunity to have an upward price movement towards the next resistance at 1.1742 - 1.1767.
The 89 Moving Average is acting as support, but bears are likely going to reach another support at 1.1724 - 1.1689. This area could be a departure point for a bullish price movement in the direction of the closest resistance at 1.1742 - 1.1767.
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The views here are solely based on Technical Analysis techniques using my personal Smart Money approach. Hence, it is important to understand that the trading of CFDs comes at a risk; if not properly managed, you may lose all of your trading capital. To avoid costly mistakes while you look to trade these opportunities, be sure to do your own due diligence and manage your risk appropriately.
Even though we've only witnessed sluggish movements from the Dollar over the past few weeks, the general idea and bias still seem intact and untampered. The bullish impulse however can be seen as "searching for support".