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| EUR/USD four-hour chart, source:FXDD.com |
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 got the long position of futures, euro-FX which in the loss section, but the position was liquidated as a loss. Gjallarhorn wasn't vigilant about the market.
But Gjallarhorn predicts that euro will keep mild upward trend though the correction.
One of the major currency pair EUR/USD exceeded 1.13 as did 1.11 and 1.12 in turn. But it was tested continuously, it was retreated several times.
The currency pair which broke through 1.13 attempted to rise to 1.14 on Wednesday. But it dropped under 1.1260.
The pair formed V pattern which shows a strong price-recovery in one-hour chart, and it hovers in stable Bollinger Bands in four-hour chart.
The 20 Moving Average in weekly chart still heads upward.
Meanwhile, the expectation of the vaccine against COVID-19 led dollar down though the spread of the respiratory virus.
Dollar Index, dollar's value against the currency basket of major six currencies fell 0.13 percent to 96.637.
Yonhap Infomax, economy news agency reported, U.S. dollar has moved with risky mentality and news about vaccine dropped greenback quoting trading expert.
It reported that Societe General's Strategist Kit Jukes said, if the US economy was weaker than expected due to the increase in COVID-19 diagnoses, the gap between the Eurozone and the growth rate between the Eurozone might weaken the dollar for the next year.
The Governing Council of the European Central Bank (ECB) will meet next week. Analysts at Danske Bank expected a repetition of recent comments from various board members. They see EUR/USD rising to 1.15 in three months.
And EU leaders meet on July 17 and 18 and try the final agreement about Europe recovery fund package. They will discuss EU MFF, spokesperson of European Council said on his twitter.
Some countries in Euro zone have been opposed the supporting way of the recovery fund by European Council, and it has been doubted the package will be passed in the committee.
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