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| EUR/USD weekly chart, source: forexfactory.com |
The weekly chart of currency pair EUR/USD shows the price has risen since last mid December. And the candle of this week was made a negative candle and it can be regarded as a simple correction. Because only one candle doesn't tell the trend change.
In weekly chart, we can think there is correction for weeks and the price of the pair continues its upward trend. Though it changes the trend, it needs the time to build patterns. It is available to keep the long bias.
But in short-time-zone chart, the bias of upward trend is suspected. Since late January, the price failed to show the explicit upward trend and it plunged leaving the Head-and-Shoulders pattern in four-hour chart. One-hour chart and four-hour chart show the signal of trend-turning, downward trend, and they have walked sideways in early February.
To check the the trend, we need to watch of breaking through 1.2300 and 1.2500.
But we need to turn away our eyes to economy situation. The benchmark indices has plunged in equity market, the bond price surged. Federal Reserved System told the rising of its benchmark rate three or four times in this year. The market faces the side effect of quantity ease since the global finance crisis and the market plunged at some signals.
Fundermental situations send the signal of bond price rising and strong US dollar. Some economists, economy professors tell the bearish market.
We need to watch the market more carefully, now.
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