[EUR] Euro in the Correction 2020 0731

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

cf. [EUR] Still Rising Euro May Be Tested 2020 0724
cf. [EUR] LONG Bias to Euro 2020 0718
cf. [EUR] Rising Euro against Dollar 2020 0715
cf. [EUR] Euro's attempt on exceeding 1.13 2020 0629

Euro keeps its upward trend against dollar. It exceeded 1.16, 1.17 gradually and the currency pair EUR/USD faced 1.19 on Friday morning. Euro rose rapidly and it needed the break.

Euro retreats after touching 1.19, record-high in two years.

Euro has rallied in the short term, it seems to call the correction.

Gjallarhorn thinks the long bias to euro still valid, and recommends the investors to get the long positions of euro after the possible correction. Euro could retreat to 1.1630 or 1.1540, if Fibonacci is applied to the chart.

Greenback fell on Thursday due to the negative GDP growth and US President Donald Trump's tweet of the possibility of the postpone of Presidential election planned in this November.

An analyst at Western Union Business Solutions said, any type of economic or political uncertainties might make traders click ''Selling Dollar'', Yonhap Infomax reported on Friday.

He added, unemployment claims showed the economy was already tired.

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