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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Falling EURO 2021 0713
Gjallarhorn keeps the long position of EUR at the CME. The positions are under the loss.
The currency pair EUR/USD fluctuated in Bollinger Bands and it stepped down. Because the trend is bearish now.
The pair retreated as Europe session began and rebounded as New York session began. There were two sparks but it retreated in the end. The pair doesn't seem to rebound over 1.1807, 120 exponential moving average in the four-hour chart in the short term.
The currency pair moves in the downward tunnel in four-hour chart.
And there is the possibility of forming Double-tops pattern, supporting bearish trend in the weekly chart. The pattern is likely to pull the EUR/USD down to 1.16 and 1.13 in that order. There is still the possibility of euro's fluctuating in the Bollinger Bands, too. Then the pair rebound to 1.20, 20 moving average in the weekly chart first.
The spread of the delta variation of the COVID-19 made the investors get the risk-off sentiment again. And Dollar Index tracking dollar against the basket of the major six currencies rose 0.13 percent to 92.844, risky currencies sank to near three-month bottom.
Edward Moya, analyst of on-line Forex FDM Oanda diagnosed the concern to the delta variation raised the risk-averse sentiment. He forecasted the surge of the greenback and Japanese yen.
Ulrich Reutsmann, head of foreign exchange and commodities research at Commerzbank said, it was questionable whether we could return to pre-COVID-19 conditions even with increasing vaccination rates.
Meanwhile, Goldman Sachs adjusted the GDP growth of Southeast countries due to the spread of the COVID-19 delta variation last week. It lowered the anticipated Indonesia's growth from 5.0 percent to 3.4 percent, that of Malaysia's from 6.2 percent to 4.9 percent and that of Singapore from 7.1 percent to 6.8 percent.
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