Sunday, 10 April 2022
Wednesday, 6 April 2022
[EUR] The Reverse-V pattern and the Euro 2022 0406
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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Rounded Euro still under the Short Bias 2022 0319
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 position of euro in the loss, CME now.
As April began, the dollar began to gain ground.
The one of the major currency pair, EUR/USD plunges after touching 1.1183 on March 31. The surged euro fells sharply against the dollar making a sharp peak. It formed the reverse-V pattern in the four-hour chart.
The pattern succeeded and the euro fell below the fluctuated zone, it may rebound or continue its bearish trend.
But the direction of 20 Moving Average in the four-hour chart support the additional decrease of the euro. And the price of the currency pair lowered the peaks moving in the channel between the 20-moving average and the bottom band in the weekly chart. It support the bearish trend of the euro.
The more hawkish stance of the Federal Reserve and the war by Russia in Ukraine supported the strong dollar.
Lael Brainard, the Fed vice-chair nominee said, the reduction of the inflation is the Fed's priority and her statement boosted the U.S. treasury yield.
She said, the FOMC would do Quantitative Tightening by the continuous rate-hike and the tightened balance sheet, May in the on-line speech.
And the Dollar Index which tracks the dollar against the currency basket of six peers rose 0.49 percent to 99.490 on Tuesday. It touched 99.523 recording high since May 2020, for a while.
The market participants await the release of the FOMC meeting minutes on Wednesday(GMT). They try to get the clues to the interest-rate hike. The European Central Bank releases its meeting minutes on April 7.
The investors expect the big-step hike as the Fed yield futures anticipate 80 percent of the 0.5-percent rate hike.
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