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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Euro Preparing Rising 2020 0423
cf. [EUR] Hoping Rebounding of Euro 2020 0420
The currency pair EUR/USD gained forming a mild V pattern in the four-hour chart, and it succeeded to break though 20 moving average.
The V pattern is less reliable than the double-bottoms pattern and the reverse Head-and-Shoulders pattern. And its rising could fail to retreating again.
The pair moves toward upper band and 120 exponential moving average, but it faces the correction before the meaningful resistance lines.
Though it succeeds to rise, it is still under the downward trend line. It still fluctuates under the limited range. The downward trend line since 2008 and the other trend line since 2018 are the burden to euro.
To break through the resistance lines, the currency pair EUR/USD should exceed 1.12 and 1.20 in order. It isn't a soft job.
Therefore, the rising of the currency pair is forecasted in the short term.
As well as Forex market, we need to watch energy market and the pandemic news, too.
Futures of WTI crude oil which had plunged below zero recording historical low, rose over 10 dollar, but it is terribly low. The price of WTI crude oil is 13.45 dollar at 12:23(UTC). Brent oil price is 23.61.
The extremely price-low crude oil means the hardlanding.
Gjallarhorn has a long position of euro-fx in CME and it records loss, now.
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