[EUR] Unstable Euro 2020 0619

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

cf. [EUR] Steady Euro 2020 0614
cf. [EUR] Rising Euro After the Correction 2020 0608
cf. [EUR] Preparing the Correction 2020 0604
cf. [EUR] EUR May Rise in Short and Mid-term 2020 0601

Falling Euro was supported on 120 Exponential Moving Average in the four-hour chart of currency pair EUR/USD. But it doesn't mean the euro's rising. In contrary the support line may be tested again, and it is possible euro to decrease under the 120 EMA. It is 1.1189 as of 10:00(GMT).

One of the major currency pair EUR/USD lowers gradually its peaks in the four-hour and the one-hour chart respectively. It is not positive staples to euro.

And the downward 20 Moving Average makes euro be expected to drop.

Then we need to find the next support line. Price 1.10 may be powerful, because it is 20 MA of the weekly chart and has been the resistance line for a long time. But the difference between 1.10 and current price is too big.

The currency pair can keep its bullish bias, it is recommended just to watch the chart and the market till the trend is shown again, though.

The fear of 2nd wave of pandemic threatens the financial markets, which are in the correction. The market participants expect the Covid-19 vaccine would be made shortly and the global economy recover. But it is doubted, rising asset has fallen. And safe-haven dollar rises.

Some countries in Euro zone are opposed the supporting way of the recovery fund by European Commission, and it is doubted the package will be passed in the committee. It degraded euro some one percent.

And the outlook of EU Economic Summit on Friday is negative.

Gjallarhorn has no position after the liquidation of the long position of futures, euro-FX.

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