[EUR] Hope to Keep Upward 2020 0413

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

cf. [EUR] After the Correction 2020 0409
cf. [EUR] Short Bias on EURO 2020 0406
cf. [EUR] Bearish Euro 2020 0403

One of the major currency pair EUR/USD is expected to rise after moving steadily during Easter holidays.

The disappointing US unemployment claims on last Thursday bolstered euro's rising. It was 6.6 millions and 6.8 millions in previous week.

The currency pair moves in the triangle made of downward trend line and upward trend line and in Bollinger Bands in the weekly chart. The price of euro rebounded at the support line and rises toward 20 Moving Average. It is forecasted to touch 20 MA in the weekly chart.

And we need to whether it reaches 1.10. Euro exceeded 1.10 against US dollar late March but it sank under the price forming Head-and-Shoulders pattern. As it succeeded to rise, it gives the expectation of breaking-through 1.10 again.

Though euro breaks through 1.10, it is still under the downward trend line and resistance line. There is room before the resistance line is tested.

As Europe session begins, it sidles above 120 exponential moving average in the four-hour chart. Euro moves in Bollinger Bands and tries to fall toward 120 exponential moving average and upward trend line in one-hour chart.

As well as watching the charts, the investors and the traders should be interested in the non-economic news, especially the pandemic coronavirus.

Though the chart gives long sign, euro may sink when the pandemic is not controlled yet. The United States recorded high of the number of respiratory-virus infectees. England became the fifth country which has gotten 10 thousands death roll. These news make investors hesitate to buy euro.

The US unemployment claims is released every Thursday, and it is expected to hit 5 millions on this Thursday. It recorded more six millions, historical high in the continuous two weeks.

Gjallarhorn has a long position of euro-fx in CME.

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