Friday, 24 January 2020

[EUR] Edge by Two Trendlines 2020 0124

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


cf. [EUR] Rebounding after Correction  2020 0123
cf. [USDX] Before Facing the Resistance 2020 0119
cf. [EUR] Euro to Rise Hoping Upward Trend  2020 0116
cf. Expecting Euro and Sterling to Rise  2019 1230

One of the major currency pair EUR/USD keeps falling and it is 1.1032 as of 11:20(UTC), and currency futures in CME, euro fx or 6EH20 falls to 1.1066 now.

Unlike the previous anticipation, euro keeps downward. And we need to watch whether it is supported by the support line made since late 2016.

There are two major trendlines in weekly chart. One is upward and the other is downward. Upward support line is built since December 2016, and the other since September 2018. Two long-term trend line will soon meet each other and this event makes momentum very actively.

Though it is supported by upward trendline, it is restrained by downward trendline, and the price jumped up or down.

As well as the technical analysis, we need to be interested in global news. As the year began, the United States and Iran made the military tension US killing Iranian No. 2, Qassem Soleimani. It made safe-haven asset and oil price to surge. And another risk, corona virus from Wuhan, southern China affects the market, too. 26 Chinese were dead by this corona virus till now. The virus fear made dealers to buy dollar more and dollar price rises.

European Central Bank froze its key rate and decided to keep current policy on Thursday. As Christine Lagarde, president of ECB said, euro has the more possiblity of falling, euro fell.

Gjallarhorn keeps long position of Euro FX in CME. It is under the big loss.

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