Trade Ideas to Follow This Week
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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