[EUR] Short Bias but Preparing the Adjustment

EUR/USD 4-hour chart, source: forexfactor.com

The one of major currency pair EUR/USD began with gap decline and failed to bridge the gap. The failure of gap bridge is not ordinary case and the failure shows the short bias on Euro.

The price stepped back gradually and attempts to rebound being supported on 1.069. But I think the price will face the registration, previous peak some 1.0820. The currency pair EUR/USD will fail to rebound and make the upward trend at about 1.0820 and the short bias is still available, I guess.

But the downward trend isn't explicit. In weekly chart the support price band is still available and 1.05s band has supported the price. The market will test the support line again.

The technical analysis is not magic bullet. News and circumstance around the market are needed to be watched and analyzed. Donald Trump won the U.S. Presidential election last week and the news gave heavy effect to the market.

Traders worry about the parity of Euro and U.S. Dollar. Bloomberg reported traders expect the parity in late 2017.

We need to watch the market more carefully.

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