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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Hope to Keep Upward 2020 0413
cf. [EUR] After the Correction 2020 0409
Rising euro retreats against US dollar for two days. The currency pair, EUR/USD which has succeeded to break through 20 Moving Average retraced its gain in the daily chart and it falls under the support line in hours charts.
After the falling, euro moves steadily against greenback on Thursday morning(GMT). It still has the possibility of falling in short term. Though euro falls along the bottom band of Bollinger Bands, it is on bottom band and is expected to be supported above the band in four-hour chart.
The currency pair gives the market participants the expectation of its moving-up to the broken support line at least.
The currency pair moves in the triangle made of downward trend line and upward trend line and in Bollinger Bands in the weekly chart.
If the pair succeed to rebound to the support line, the market can expects it will rise to 1.10.
The disappointing US unemployment claims on last Thursday bolstered euro's rising. It was 6.6 millions and 6.8 millions in previous week. But when US Retail Sales Month on Month showed the disappointing record, dollar rose. The index fell 8.7 percent on Wednesday. The consensus was minus 8 percent. As it has been released, the currency pair plunged contrary to unemployment claims.
The US economy is largely supported by domestic consumption. The decreased consumption worse than expected showed the recession in the United States is more serious. The pandemic damages the global economy seriously, the market participants thought and the investors bought safe-haven dollar on Wednesday.
The US stock market moved down 1~2 percent, too.
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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