[EUR] Still Rising Euro May Be Tested 2020 0724

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

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

The Euro long position Gjallarhorn has kept was cleared last Monday due to Gjallarhorn's misjudgment of trend-turning.

Euro keeps its upward trend against dollar. There were some corrections, it recovered its momentum though. Euro has broken through the price level, 1.13, 1.14, 1.15 and 1.16 gradually in short term. Euro is above 1.16 and will face the correction. But it seems euro to rise over 1.16 price-level if the upward trend is still available.

The important trendline, 20 Moving Average heads upward strongly in charts of currency pair EUR/USD. The angle of climb shows euro keeps rising against greenback.

The euro of the currency pair EUR/USD is forecasted to face the price resistance lines around 1.1750 and around 1.20. Because there isn't the explicit resistant price-band till 1.1750. It is predicted the long-term downward trendline may greet the currency pair around 1.20 later.

EU leaders agreed the economy recovery fund of 750 billion euros in Brussel on Tuesday. It made euro surge.

But geopolitical news doesn't support euro.

The US President Donald Trump closed down Chinese Consulate in Huston in the week, and his counterpart Xi Jinping commits the retaliation shutting down US Consulate in China.

The economy news agency Yonhap Infomax reported on Friday, Bank of America predicted greenback's climbing because the disappointing recovery of the global economy would make investors buy safe-haven dollar.

Meanwhile Christine Lagarde, president of ECB has spoken, euro had the more possibility of falling, 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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