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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Retreating Euro 2020 0505
The currency pair EUR/USD has lowered its peaks since March and its bottoms risen gradually. The one of the major currency pair reduces the size of the price fluctuation.
It means that the price of the pair becomes stable and the shock of the pandemic diminishes.
The currency pair moves up and down in the main trend line and Bollinger Bands in the weekly chart. And the traders can expect euro oscillates in the range in the mid-term.
Euro fluctuates on the support line, and it rebounded on 20 Moving Average in four-hour chart. It is anticipated euro rises against dollar in one-hour chart and four-hour chart.
Non-farm Payrolls released on last Friday reduced 20.5 millions and the unemployment rate surged to 14.7 percent. It was worst records but it was better than that of market's forecast, and the risky asset could rise. Because the market participants expect the economy will recover gradually.
The possibility of US-Sino Trade War Round 2 still remains, and it shocks the markets.
Meanwhile it is expected that Fed may cut its benchmark interest rate below zero in the futures market. It lowers dollar. The betting to the negative interest rate made the historical low of US 2-year Treasury Notes yield, and it was 0.129 percent.
If euro succeeds to rebound against greenback, we need to watch whether it breaks through 1.10 and 1.12 one by one.
And Fed carried out Quantitative Easing against the recession due to the pandemic. It devalues dollar.
Gjallarhorn has no position, yet.
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