[EUR] Preparing the Correction 2020 0604

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

cf. [EUR] EUR May Rise in Short and Mid-term 2020 0601
cf. [EUR] Unstable Rebounding of Euro 2020 0523
cf. [EUR] Euro Retreats 2020 0522
cf. [EUR] Long Bias to Euro II 2020 0513
cf. [EUR] Long Bias to Euro 2020 0511
cf. [EUR] Retreating Euro 2020 0505

Euro retreats against dollar on early Thursday. Though it fell today, nobody may be concerned about risk-off. One of the major currency pair, EUR/USD has risen for seven days recently. Euro rose from late May and seven-days rising is the longest rising since December, 2013.

Dollar Index, showing dollar's value for the basket of major six currencies fell 0.46 percent to 97.250, recording low since mid-March.

Safe-haven dollar falls due to the expectation of the additional recovery packages, resumption of economy activity and easing blockage around the world, though Sino-America tension and the ongoing protest in the United States.

The economy recovery program of 75 billion euro fund by EU commission's plan. If EU commission funds the recovery package, euro is supplied more and gets currency power more as a global key currency.

The currency pair moves steady in Asian session, it seems to search its direction, up or down.

After the investors accept the correction, they should think how euro falls. We can guess the previous sidling-term may be a support line, first. We need to watch whether price band, 1.1117 ~1.1136 support the retreating euro.

If euro falls below the first support line, it could retreat to 1.10. Euro has tried to break through 1.10 for months. The price 1.10 was a strong resistance line and it will be a support line now.

Gjallarhorn keeps the long position of futures, euro-FX. It is liquidated in September.
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