[EUR] Rebounding Euro 2021 0504

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

 

cf. [EUR] Bullish Trend on Euro 2021 0426

Gjallarhorn keeps the long position of EUR at the CME, and it is in the loss term.

The currency pair EUR/USD rebounds as the New York session begins. It has been under the correction after breaking through the downward trend line and hitting 1.2149.

It seems that the upward trend has turned to downward in the four-hour chart. The 20 Moving Average turned to downward. The rising price may be analyzed incorrectly. There is still the possibility of forming the Head-and-Shoulders pattern, the downward pattern in the weekly chart.

But Gjallarhorn thinks the 120 Exponential Moving Average in the four-hour chart will support the pair and the pair will rebound from 1.20. There is the possibility of the Head-and-Shoulders pattern in the weekly chart, the price can be also guessed that the euro fluctuates in a band though.

And the dollar retreated as the US bond yields fell.

The news agency AFP reported on Monday, John Williams, governor of Federal Reserve Bank of New York spoke the US economy would grow 7 percent recovering from the pandemic in this year. It is higher than the anticipated growth by FOMC, 6.5 percent.

And he anticipated the 2 percent of inflation which is Fed's goal in the next year.

The one of the major Forex events, the Non-Farm Payrolls is released at 12:30(GMT), Friday. The market participants expect the 975 thousand increasing, the previous record is the 916 thousand increasing. And the anticipated unemployment rate released simultaneously is 5.7 percent. It was 6.0 percent released in April. These indices shows the recovering US economy.

Meanwhile it was reported that Joe Biden, the US President would plan to raise the capital tax from 20 percent to 39.6 percent about the super riches.

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