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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Coronavirus and Euro 2020 0129
cf. [JPY] Rising Expected after Correction 2020 0126
cf. [EUR] Edge by Two Trendlines 2020 0124
One of the major currency, EUR/USD reached the downward trend line and 20 Moving Average in the daily chart at the end of the week. The pair has kept falling since the month but it succeeded to rebound in the week.
Euro surged on Friday and it seems to keep its momentum in next week. Though there is some correction, euro rise, Gjallarhorn expects.
Euro of FX Margin and futures is between two trend line of up and down and it is edge of two trend line. It's time to surge or plunge. The chart seems to tell rising.
If the currency pair reaches 1.12, it just faces upper band of Bollinger Bands in the weekly chart. It has more margin of rising to 1.1316, 120 exponential moving average.
As Gjallarhorn has told, Forex market moved by the news of respiratory coronavirus outbreak from Wuhan, China. And it is better to watch the global news about coronavirus spread. Though there were bad news to euro, the currency has been more affected by virus news.
On Friday, however, the fear of pneumonia form Wuhan drastically raised euro. It was the opposite of the response so far. Yonhap Infomax, economy news agency reported that euro rose against dollar 0.53 percent on the day. And safe-haven currency Japanese yen and Swiss Franc rose against greenback.
But some analysts think this euro rising doesn't mean trend turning. The scare of spreading respiratory virus makes market participants to do risk-off buying US dollar, Japanese yen,Swiss Franc and gold.
As mentioned above, Gjallarhorn expects the euro to rise to at least 1.12, upper band of Bollinger Bands in daily chart and weekly chart.
Gjallarhorn keeps long position of Euro FX in CME. It is still under the loss despite notwithstanding the rebound.
Gjallarhorn produces the report of risky currencies with Long bias now because it has Long Position of EUR.
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