cf. [EUR] Euro, Long Bias and Preparing the Correction 2020 0804
cf. [EUR] Euro in the Correction 2020 0731
cf. [EUR] Still Rising Euro May Be Tested 2020 0724
One of the major currency pair EUR/USD which rose till last month, retreats forming the pattern of the trend-switching to fall, the double tops pattern in the four-hour chart. Gjallarhorn expected the head-and-shoulders pattern but the price rebounded to the previous peak and the pattern wasn't made.
Euro retreats against dollar and drops along the bottom band of Bollinger Bands in the four-hour chart.
We can expect that euro can retreat to 1.1629 at first, which is 38.2 percent fall from the peak. Fibonacci tells euro can fall 1.154x again. It is 50 percent retreat from the peak.
Gjallarhorn still has long bias to euro and recommends you buying euro after euro succeeds the rebound.
The US dollar rose against euro and Swiss Franc before the trade talks on Saturday. The rising tension between top two economy entities and the fiscal stimulus in the United States.
Dollar Index which fell more four percent in July recovers in this month. The positive Non-Farm Payrolls released on last Friday supported dollar.
The tension between US and China makes investors buy safe-haven dollar but the major bias to greenback is short. It is known the speculative investors increased dollar net-short position last week.
Yonhap Infomax, economy news agency reported, Forex dealers would still buy EUR/USD and it would be supported on 1.17s.
Meanwhile economy records in Europe shows green light.
Economic Sentiment Indicator, ESI in Eurozone in last month rose 6.5 points to 82.3. Market participants guess economy rises when ESI exceeds 100.
PMI exceeded the cut-line to 51.8 last month.
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