[EUR] The Downward Trend on EURO 2021 1003

 

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

cf. [EUR] Falling Euro 2021 0930

cf. [EUR] The bearish EURO after FOMC 2021 0923

cf. [EUR] Inflation and Bullish Dollar 2021 0919 https://youtu.be/rlpwVvky3xs

Hello, Gjallarhorn. The reports from Gjallarhorn are produced by a trader, not by an analyst. The reports are provided to the investors showing the trader's view on the market.

Gjallarhorn has the short bias on the euro.

The currency pair EUR/USD shows the explicit downward momentum. The pair retreats forming two peaks in the weekly chart. The double-tops pattern is the bearish-trend pattern, and it is found in the EUR/USD weekly chart.

If it continues to fall, the investors can expect the price of euro to 1.13 first.

The pair failed to exceed over the 20 moving average in the four-hour chart. The euro rose strongly but failed to exceed the 20 moving average. It implies the downward momentum is stronger than the upward momentum.

The currency pair EUR/USD rebounded in the end of the last week. It seems to be the reacation against the steep fall of the pair after FOMC meeting.

The Dollar Index tracking the greenback against the basket of the major six currencies fell 0.19 percent to 94.048 last weekend, but it rose 0.78 percent in the weekly chart, 2.03 percent in the third quarter.

The FOMC meeting in last month showed the hawkish Fed. The Fed members hinted the tapering and the hike of the benchmark rate next year, strongly. Even dovish Fed member, Neel Tushar Kashkari, the president of the Federal Reserve Bank of Minneapolis supported the tapering early.

The market participants expect ECB, the European Central Bank will keep the monetary easing for a long time though the hawkish Federal Reserve. And the currency pair EUR/USD plunged to 1.1560, record low since July 2020.

Core PCE Price Index m/m released on October 1 was 0.3 percent higher than the market expectation 0.2 percent recording high for 30 years. It is known the Fed is very interested in PCE Price Index as the inflation measure.

Meanwhile Jerome Powell, the Chair of Federal Reserve has told the inflation could continue till the next year.

------------------------------------------

Gjallahorn produces the reports by the trader. And the reports reflect the trader's view.

Gjallarhorn does not provide any signals, but tries for traders to get the insight into the market.

You can ask by messenger and e-mail.

Facebook messenger and telegram(@morgenluft) 

e-mail - kmuk001@gmail.com

You can join telegram channel t.me/gjallarhorn_report .

If this report was helpful to you, please support it. The amount of your support is up to you.

PayPal  kmuk001@gmail.com. 

Thank you.

e-mail - kmuk001@gmail.com

Telegram - @morgenluft

Telegram broadcasting - t.me/gjallarhorn_report

https://www.facebook.com/Gjallarhorn.report/

http://morgenluft.blogspot.com

#Gjallarhorn, #EUR, #euro, #EURUSD