[EUR] Euro in Correction 2019 1024

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

cf. [EUR] Rising Euro after Correction 2019 1021
cf. [GBP] Rising Sterling 2019 1018
cf. [EUR] Long bias to Euro in Short term 2019 1011
cf. [EUR] Short Bias to Euro 2019 1006

British parliament's vote on Brexit agreement affects euro as well as pound. The decision of vote delaying devaluated euro and the expectation of soft Brexit made them up.

Brexit on time, October 31 doesn't seem to enforce but market participants guess soft Brexit in extended time, and it led euro and sterling on Wednesday. Market participants expect European Union, EU will approve British ask of extension Brexit, and England Prime Minister Boris Johnson is known to be going to hold general election ahead of Christmas.

In any cases, the possibility of No-deal Brexit goes low.

European Central Bank, ECB holds the meeting and decides euro interest rate, Main Refinancing Rate today. This is last meeting held Mario Draghi, ECB president and it seems to freeze the rate at this meeting.

Meanwhile the U.S. economy which has been under Goldilocks seems to enter the recession step by step, too. It devalues dollar. And market participants expect the additional U.S. interest rate cut in the month then dollar falls after Fed's decision.

One of the major currency pair, EUR/USD is 1.11337 and euro fx-2019 12, 6EZ19 records 1.11715 as of 05:46(UTC).

Rising euro since last Tuesday is under the correction. And it tries making Head-and-Shoulders pattern in four-hour chart. If the price falls, 120 Exponential Moving Average, some 1.1060 in four-hour chart may support it. There is possibility of falling to 1.10, too.

An analyst said his view of weak euro to Dow-Jones, because bond spreads between euro zone and Europe countries go narrow more and there is little momentum of euro's rebounding.

The price of pair is under the main downward trend line. EUR/USD has a certain reason of rising for trying breaking through trend line as a resistance line.









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