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| EUR/USD four-hour chart, source:FXDD.com |
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
Brexit issue raised the price of British pound and euro. The fear of No-deal Brexit has discounted Europe currencies, especially British pound. And euro has been affected, too. The agreement in last week gave the traders the expectation of soft Brexit and the uncertainty removal.
But British parliament delayed the agreement and called another extension of dead line. It made Europe currencies are in the correction.
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.
Currency pair EUR/USD continued rising after Brexit draft agreement and is under the correction. It is 1.1153 as of 13:49(UTC), and euro fx-201912 or 6EZ19 hits 1.11965, 0.16 percent down, 13:50(UTC), now.
The daily chart of currency pair shows the price rises along upper band of Bollinger Bands and has broken through 120 exponential moving average and faces main downward trend line, and the price rose on middle band of Bollinger Bands in the weekly chart. The price may test breaking through the trend line and powerful resistance line though Brexit dispute. If it succeeds, euro can reach 1.1300s.
There may be the correction, but the trend seems upward. An news media reported sterling could reach 1.30 and was even able to 1.33 over if British parliament approved it citing analyst's comment. The opposition doesn't agree the draft yet, and it restrain the rising of sterling.
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