[EUR] New Era?

EUR/USD weekly chart, source:forexfactory.com

Janet Yellen didn’t disappointed the market participants. As the market anticipated, Fed hiked its benchmark interest rate two weeks ago. And she spoke its rate would be risen three times this year at least.

The explicit signal led weak greenback, and one of the major currency pair EUR/USD turned the trend to upward in four-hour chart. The weekly chart of EUR/USD is building double-bottoms pattern which meaning turn to upward trend.

Though there is an adjustment, the new trend seems not to change the direction, I think. I agree there are resistance bands in the charts. In weekly chart, there are the bands among 1.1060 ~ 1.1500. It is difficult that the price breaks thorough the bands in one breath. But circumstance about the currency market supports weak dollar.

The global economy recovers gradually as U.S. market has done. Governors of central banks in the major countries think the hike of their benchmark rate and the tapering as Yellen did. The weekly chart seems to tell greenback has risen sufficiently showing the pattern.

I think long bias to EUR/USD is available and the drop of the price is the chance to buy euro.

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