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EURUSD – After setting a maximum of 1.2555 in January this year, the pair moved until mid-April in a wide 300p consolidation and at the end of April overcome its lower limit and moved dynamically to the south. After reaching the level of 1.1500, it again started to move in consolidation, from which in August made a breakout ended with the establishment of a minimum of this year at 1.1295. On the last day of October, the pair again visited this level by creating double bottom formations (Chart D1). Such formations are usually a signal of change in the trend.
When analyzing the H4 chart of the EURUSD pair, we will notice that since the end of September this year quotations are located quite accurately in a descending wedge, from which yesterday (07.11) there was a dynamic breakout thru the top. Currently, the price is moving towards the defeated resistance of the wedge, which is now a support.
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It seems very likely that increases will be continued, and the level negating the upward scenario, i.e. in our case SL level, will be the demand zone starting at 1.1380. The goal for increases can be a round level of 1.1500. Macro data – today’s (18:00 GMT) FED meeting on which US interest rate decisions will be taken should also be taken into account. It is expected that there will be no interest rate hike, the message issued after the announcement of the decision may have more impact on the movement of this pair.
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Forex Technical analysis and chart talk, weekly set ups, support and resistant points. Technical analysis is the skill needed to interpret chart behavior to make rational speculation on price movement. It involves trend following momentum indicators and chart patterns.