[EUR] Rising Euro After the Correction 2020 0608

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

cf. [EUR] Preparing the Correction 2020 0604
cf. [EUR] EUR May Rise in Short and Mid-term 2020 0601

Euro fell on Friday due to the better record than expected Non-farm Payrolls and unemployment rate.

But this retreat is meaningful in technical analysis.

Currency pair EUR/USD broke through 20 Moving Average two weeks ago and touched the upper band of Bollinger Bands in the weekly chart. And it is worth of exceeding 120 Exponential Moving Average in the weekly chart. It is natural euro fell on Friday after it exceed 120 EMA and upper band of Bollinger Bands simultaneously. Because the break after the meaningful goal is needed.

Currency pair touched 120 EMA in the weekly chart in three months. It doesn't say euro will keep the continuous climb.

Falling euro succeeded to rebound on the support line and there is still room for rising to more 1.20. But 120 EMA isn't broken at once empirically. There will be several tries for exceeding it.

The currency pair may fall but it is reasonable to keep the long bias of EUR/USD.

Meanwhile Non-farm Payrolls in May recorded the 2.5 millions increase on last Friday. Market forecasted 7.75 millions decline but the better record supported greenback.

FOMC decide the benchmark interest rate at 18:00(GMT), Wednesday. It is anticipated the rate will be frozen. Fed Chair Jerome Powell spoke the gloomy outlook of economy in May but he denied the possible negative benchmark interest rate, Federal Funds Rate.

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