[EUR] Rising Euro under the Downward Trend 2019 1115

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

cf. [EUR] Falling Euro 2019 1113
cf. [USDX] Rising Dollar 2019 1109
cf. [EUR] Facing Resistance Line 2019 1103
cf. [USDX] Ahead of Fed Decision 2019 1030
cf. [EUR] Euro in Correction 2019 1024

The skepticism about the small deal of U.S.-Sino trade war grew and the risky asset retreated on Thursday and Friday. And political issues in Hong Kong and Latin America led safe-haven asset such as Japanese Yen and Swiss Franc up.

Yonhap Infomax reported a Forex strategy director said that negative situation in Hong Kong and Latin America's confusion moved the market negatively.

And disappointing economy score in emerging markets, Australia and Japan pressed investors sentiment.

U.S. Treasury yield continued to fall this week and dollar weakened. But greenback's price was higher than euro.

And some analysts show dollar-long outlook end of the year. When investors close the book, they may buy dollar because the U.S. interest rate is high relatively and U.S. economy is stronger than other economy entities, Younhap Infomax reported.

One of the major currency pair, EUR/USD is 1.10331 and futures, euro fx-201912 or 6EZ19 is 1.10535 as of as of 12:55(UTC), Friday. Euro tries to rebound but it is under downward trend line.

In daily chart and four-hour chart, double-tops pattern is still explicitly shown. This is a typical price-down pattern. And euro failed to break through the resistance line and downward trend line.

But euro tries to rebound and to turn the trend again. In one-hour chart, euro broke through 120 EMA and it reached upper band of Bollinger Band in four-hour chart. Euro in four-hour chart tries to reach 120 EMA, too.

We need to watch the chart carefully. Because euro rises technically but there is no explicit signal of soft landing of Europe economy yet.

And it is still valid to watch the market with short bias.

Gjallarhorn had a short position and it was liquidated.






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