EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: 'Window' acted as support once again
2019-11-11 • Updated
The lower 'Window' has acted as support once again, so there's a bullish 'Three Methods' pattern. Therefore, the price is likely going to test the closest resistance at 1.1416. The subsequent pullback from this area could lead to a decline towards 1.1310.
There's a local 'Shooting Star' pattern, which has been formed under the upper 'Window'. However, if the Moving Averages act as support, there'll be time for an upward price movement in the direction of the next resistance at 1.1416.
This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.
On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.
The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?