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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] 기술적 반등, 유효한 매도적 관점 2020 0221
cf. [EUR] Downward Trend Euro 2020 0215
cf. [EUR] Falling EUR 2020 0210
One of the major currency, euro succeeded to rise and reached to 1.0846 on Friday. The price of currency pair, EUR/USD broke through upper band of Bollinger Bands in four-hour chart. It retreated somewhat but it is still over the upper band. It makes traders expect euro's reach to 120 exponential moving average, 1.0909 in four-hour chart.
However it is thought that the rebound is just technical recovery, as it is reported on 2020 0211(https://youtu.be/Inm3P7X_RHU) and the report, [EUR] Downward Trend Euro 2020 0215( https://www.facebook.com/240801172976250/posts/1242509689472055/?app=fbl).
Euro has rebounded technically in Asian session and fell more in Europe session or New York session recently.
The price of euro failed to break through 20 moving average clearly and it implied the fall of euro against dollar.
We need to watch the chart more carefully. It is not recommended to have long bias to euro, yet. We need more signals, and the correction should be confirmed in four-hour chart at least.
The positive economy records have supported US dollar though US-Sino Trade War in last year and respiratory coronavirus outbreak. But poor indices in February lowered greenback last Friday.
PMI in Euro zone signaled positive outlook. Flash Manufacturing PMI was 49.1 and Flash Services PMI was 52.8. They were predicted 47.4 and 52.4 respectively. They made euro up against dollar.
Yonhap Infomax reported that euro zone economy recovers slow pace actually. Analysts at Commerzbank said: "The euro may fall further on the dollar due to low volatility and sluggish Euro zone economic indicators, but as the dollar is overestimated, the decline will be limited," Yonhap Infomax reported, too.
Though Gjallarhorn says the careful prospect to Forex but it keeps long position of Euro FX in CME. The plunge in the euro makes big loss.
I acknowledge this report says downward trend of euro but I wish euro would surge.
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