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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Euro in the Correction 2020 0624
cf. [EUR] Unstable Euro 2020 0619
Gjallarhorn has got the long position of futures, euro-FX, which is liquidated on September.
One of the major currency pair EUR/USD begins to rise after the correction, and it retreats again before the New York session.
The resistance line and downward trend line in the four-hour chart is formed since June 11, and the upward trend line will be clear after the price breaks through the short-term downward trend line and the upper band of Bollinger Bands in the four-hour chart.
And we need to be interested in the possibility of breaking-through 1.13. Since the pandemic, euro has tried to exceed 1.13 against greenback. The price of euro against greenback just exceeded 1.13 temporarily, and it tries again. The short-term downward trend line and the price of 1.13 are together now. Euro will face the more powerful resistance.
Euro has tried to break through 1.10 several times and succeeded at last. It exceeded 1.11 and 1.12 in progression. This fact gives investors the positive outlook about euro.
As the week begins, the currency pair EUR/USD rises toward 1.13, shrugging off coronavirus concerns.
But Yonhap Infomax, economy news agency reported market experts expected strong dollar in this week on Monday. IIt reported southern U.S. postponed reopening of economy and the recovery of U.S. economy could be slower if the blockage of economy spread quoting DowJones.
They said, the 2nd blockage could make the double deep of the U.S. economy possible and it would provoke safe-asset dollar again, Yonhap Infomax reported.
Meanwhile German Bundesbank can continue participating in the Public Sector Purchase Programme (PSPP), the German finance ministry noted, FXStreet.com reported on Monday.
And EU leaders meet on July 17 and 18 and try the final agreement about Europe recovery fund package. They will discuss EU MFF, spokesperson of European Council said on his twitter.
Some countries in Euro zone have been opposed the supporting way of the recovery fund by European Council, and it has been doubted the package will be passed in the committee.
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