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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Euro in the Correction 2020 0731
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
One of the major currency pair EUR/USD which has rallied is forming the pattern of the trend-switching to fall, the head-and-shoulders pattern in the four-hour chart.
Euro retreats after touching 1.19, record-high in two years. It is not certain the pattern will be formed, yet. But it is expected to be done due to the need of the correction. The currency pair rallied without the correction since last month.
Gjallarhorn still has long bias to euro and waits for the entry point to be found. And it will confirm whether the pattern is completed and buy euro.
Gjallarhorn recommends the investors to get the long positions of euro after the possible correction. Euro may retreat to 1.1630 or 1.1540, as Fibonacci is applied to the chart.
The dollar index, dollar's value against the basket of major six currencies, fell more than four percent last month, recording the highest decline since September 2010, and it fell 10 percent compared to the March peak.
The recovery of the financial market has reduced the attractiveness of the dollar as a safe haven, and the dollar has been under pressure due to the expectation of further monetary policy easing and the absence of additional fiscal stimulus agreements.
And the rising cases of coronavirus in the United States helped the fall of greenback, too.
The strategists of ING said, the facts which dropped dollar index were still valid and dollar would be sold in August, Yonhap Infomax reported on Tuesday.
Meanwhile Jerome Powell has supported the dovish stance keeping zero interest rate for a long time and dollar declined. And the GDP growth in eurozone hit -12.1 percent in the 2nd quarter, recording the worst in 25 years.
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