[EUR] Euro in the Roller Coast 2021 0622

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

cf. [EUR] The bullish Bias on EURO though the Concern of the Inflation 2021 0615

cf. [EUR] Rebounding Euro 2021 0504

Gjallarhorn keeps the long position of EUR at the CME. The positions are under the loss.

The plunged currency pair EUR/USD reduces the sliding speed and attempts to rebound.

Gjallarhorn expected the bullish euro but it fell due to the hawkish Fed's stance last week. The pair broke through 1.21, 1.20 and 1.19 continuously. It is 1.1884 as of 10:05(GMT) according to FXDD.com and tries to rebound.

But it seems to be difficult to rise to 1.20 soon. The daily chart shows the price of euro still is in the bearish trend, but euro gives the clues to rebound in the four-hour chart and one-hour chart. The reach to 1.1899 which is 20 Moving Average in the four-hour chart will give the hope of rise to 1.20.

The dollar rocketed last week retreated since Monday as the market left from the Fed's shock. The dollar index tracking the dollar against the major six currencies' basket fell 0.45 percent to 91.848 Monday.

But the market participants need to watch the Fed Chair's comment when Fed Chair Jerome Powell testifies at the House of Representatives, and the other members speak, too in this week.

James Bullard, President of the Federal Reserve Bank of St. Louis spoke, the economy went well than expectation and the tapering should be prepared at the forum last Friday. Mr. Bullard seemed to switch his position to hawkish.

Fed officials have already started the process of explaining their thinking, with New York Fed president John Williams taking a dovish tone Monday, saying more economic progress is needed before the central bank should begin to scale back some of its support.

The FOMC still froze the benchmark interest rate zero to 0.25 percent last Wednesday. But Fed Chair Jerome Powell supported the tapering and the hike of the interest rate twice next year.

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