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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Rising Euro against Dollar 2020 0715
cf. [EUR] Still Available Long Bias 2020 0711
cf. [EUR] Euro's Continuous Attempt to Hurdle Over 1.13 2020 0706
cf. [EUR] Euro's attempt on exceeding 1.13 2020 0629
Gjallarhorn keeps the long position of futures, euro-FX liquidated in September and is convinced euro would rise by the mild upward trend. And we can confirm that the signals from several chart show the rising euro.
Euro faces the price-resistance around 1.143x. It tries to break through 1.1430~1.1445, but it doesn't succeed yet. Gjallarhorn expects it rises above 1.1440 but nobody may affirm the euro's climb. The currency pair EUR/USD rallies above 120 Exponential Moving Average and 20 Moving Average heads upward in hours chart.
Euro against dollar has risen since July 10 after forming the correction. It broke through 1.14. Euro touched 1.14 temporarily in last month. The expectation of finishing of the pandemic and the possibility of agreement among EU leaders about Eurozone economy recovery package raises the risky asset such as euro gradually.
Dollar Index, greenback's value against the basket of six major currencies dropped 0.75 percent to 95.917 in this week. Dollar Index has risen above 100 in the early year.
Corna pandemic still spreads around the world, market participants expect the economy recovery though. Because economy signals show green light.
The rising cases of coronavirus infection slow the recovery of the US economy.
The Unemployment Claimed released on Thursday recorded the increase of 1.3 millions. The previous one was 1.31 millions and the market expected 1.25 millions increase. The worse record than expected one supported dollar and the pair should be retreated.
And the agreement of EU leaders about 750 billion euros, EU economy-recovery fund is expected, and it raised euro. But it is not certain, yet.
Haley of Oanda anticipated that the positive result may raise euro to 1.1450 and the others can make it drop to 1.13, economy news agency Yonhap Infomax reported.
But it reported, the market forecasts the agreement will not be made in this meeting, and additional meeting will be called.
Meanwhile Christine Lagarde, president of ECB spoke, euro has the more possibility of falling, euro fell in January and warned in last June that the European economy has passed the bottom, it may recover incompletely though. President's speak dropped euro.
Chris Turner of ING Bank has predicted 5~10 percent fall of dollar in the year.
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