EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EURUSD: "High Wave" pattern
2019-11-11 • Updated
There's a "High Wave" pattern, which has been formed at the last local high. If the 34 Moving Average acts as support, there'll be an opportunity to have another upward price movement.
The last "Shooting Star" led to the current decline. However, we could have a local upward correction in the coming hours. Nevertheless, the 89 Moving Average is likely going to act as support little later on.
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.