EUR/USD 4H chart EUR/USD surged after Powell’s speech on Friday…
EUR/USD: huge "Breakaway Gap"
2019-11-11 • Updated
We’ve got a huge “Breakaway Gap”, so the downtrend has been broken. Bulls faced a resistance at 1.0872, so we’ve got a bearish correction. Therefore, there’s an opportunity to have another upward price movement towards the next resistance at 1.0910, which is strengthened by the “Wedge’s” upper side. If a pullback from this level happens, the pair is likely going to test a support at 1.0759 – 1.0736.
The last downward “Pennant” has been broken, so we’ve got a “Breakaway Gap”. Also, there’s a “V-Bottom” pattern, so the market is likely going to test the nearest resistance at 1.0905 – 1.0910. If we see a pullback from this area, there’ll be an opportunity to have a decline towards a support at 1.0777 – 1.0737.
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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...