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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Euro in the Correction 2020 0811
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
Gjallarhorn got the Long position of euro in the futures market, CME. It records the loss because it was bought at the local peak. Rising euro entered the correction eventually just after the deal.
Gjallarhorn still has long bias to euro and recommends you buying euro.
The currency pair EUR/USD has moved toward 1.20 but it failed to exceed the price. FOMC Meeting Minutes released on Wednesday showed the negative economy outlook of committee members and it dropped euro against dollar. The U.S. unemployment claims on Thursday hit over one million again, the previous claims was 971 thousands and 930 thousands cases was expected. Euro plunged to 1.18 and rebounded.
The major currency pair hovers in the channel trying to break through 1.20. It isn't uncertain that euro exceeds 1.20 shortly though the long bias to euro is still valid.
There will be several attempts to exceed 1.20, EUR/USD pair oscillates in Bollinger Bands while its trying. Fibonacci tells pair price 1.1629 is 38.2 percent fall from the peak, it doesn't seem to do though. The pair has been supported above 1.18s.
Dollar rose against major currencies due to the less dovish FOMC Meeting Minutes, but Rising NASDAQ dropped dollar and risky euro could rebound.
Euro needs a better-than-expected German and Eurozone PMIs to be boosted on Friday.
Meanwhile, U.S. economy daily Wall Street Journal reported on Thursday, European Central Bank officials supported the additional action to boost Euro economy. WSJ reported they said, ECB had the margin for the support yet.
Eurozone economy recovered step by step but it might deteriorate due to the second coronavirus pandemic, ECB official said.
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