EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EURUSD: "Doji" on the 55 Moving Average
2019-11-11 • Updated
There's a "Doji", which has been formed on the 55 Moving Average. However, confirmation of this pattern is a quite weak, so we're likely going to have a local correction towards the nearest resistance, which could be a departure point for another decline.
We've got an "Inverted Hammer" and a "Tweezers" patterns, so the market is likely going to test the 89 Moving Average. If this line acts as resistance, bears will probably try to deliver a new local low.
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?
Western countries are trying to find other options for oil and gas supplies after a 10th package of sanctions, which will put more pressure on Russian oil and decrease global oil supply. Italy, for example, is in talks with Libya.