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| EUR/USD 4-hour chart, source:forexfactory.com |
First, I'd like to confess that I'm not a excellent analyst, not a good analyst. If you have read my reports, you can be known about it. Nevertheless, I write the report of currency pair EUR/USD because I think the trading is the response, not the prediction.
The analysis and prediction can be wrong. But the important thing is to respond to the new situation, even though the forecast is wrong.
Rising price of euro faces to retreat. The 4-hour chart of EUR/USD made Head-and-Shoulders pattern and depreciates the price of currency pair. Current price band of 1.0650s may act first support line and it can be step down to 1.0620s, I think.
There is always the possibility of rebound and the rebound may be restrained at 1.0700s in short term. EUR/USD in weekly chart has hiked for weeks without adjustment and it falls this week. The upward trend may lost its momentum take a break.
Not only the technical analysis but also the fundamental analysis is important. The fundamental analysis is more important, I think.
Economic situation is still uncertain. New U.S. leader doesn't hint about currency market and China risk presses the market.
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