EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: bearish "Pennant"
2023-11-24 • Updated
All Moving Averages have been broken, so the price is consolidating. Therefore, the market is likely going to continue moving down towards the nearest support at 1.0655 – 1.0594 in the short term. If a pullback from this area happens, there’ll be an opportunity to have an upward correction in the direction of the 89 Moving Average.
The price is moving in a range between the levels 1.0678 – 1.0639. Also, there’s a “Pennant” pattern, so bears are likely going to test a support at 1.0600 – 1.0594. However, if we see a pullback from these levels, bulls will probably try to reach a resistance at 1.0698 – 1.0678.
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Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...