[EUR] Downward Trend Line still Valid 2019 0926

EUR/USD four-hour chart, source:FXDD.com

cf. [EUR] Long or Short 2019 0923
cf. [EUR] After FOMC 2019 0919
cf. [EUR] Still Short Bias? 2019 0916
cf. [EUR] ECB and Fed  2019 0910

An external factor was added to forex market. U.S. House of Representatives prepares to impeach U.S. President, Donald Trump. But the possibility of the impeachment is regarded low, U.S. dollar and Dollar index are rose on Wednesday.

Market participants believe that even if US-China trade conflicts hinder US economic growth, they are better than the global economy.

And the possible global economy recession risk makes market participants to buy greenback and other safe-haven asset. It seems to be still valid we have bullish bias on greenback.

In addition, the hawkish rate-cut supports strong greenback. One of the major currency pair, EUR/USD fell though interest rate of U.S. dollar was cut, and there is still downward trend in the chart.

Currency pair, EUR/USD succeeded to rebound in Asian session on Thursday. Euro tried to make trend shift pattern, 'Double-bottoms' pattern in the one-hour chart. The pattern is made in Euro session and America session, too. It may succeed to build the pattern and the price of currency pair EUR/USD will rise.

But before get long bias on euro, we need to watch carefully the pattern and trend. The price of pair can fall again after the price fails to break through upper band of Bollinger Bands.

In four-hour chart, EUR/USD sinks along the channel between middle band and bottom band.

All downward trend lines are still available and Short bias on EUR/USD is valid, I think.

Gjallarhorn got a short position of micro euro-fx, M6EZ19. As the short position was gotten, the price of euro succeeded to rebound. And the position records loss, now.












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