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| EUR/USD four-hour chart, source:FXDD.com |
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 liquidated the positions of euro in CME and watch the market.
The bearish trend on the euro is explicit.
The retreating euro fluctuates in the narrow channel and continues to fall in the four-hour chart. The currency pair, EUR/USD slips along the channel between the bottom band and the middle band in the Bollinger Bands, the daily chart, and slides down along the bottom band in the weekly chart and the monthly chart.
The traders can confirm the 120 exponential moving average work as the resistance line in the four-hour chart.
The Dollar Index which tracks the greenback against the currency basket of six peers edged down after recording high in 20 years on Friday. And the euro rose. The rebounding of the euro on Friday is looked to be the technical rebound. If the traders want to confirm the bullish on the euro, the price of the pair should be confirmed around 1.0465, 20 moving average and 1.057s, the resistance band in the four-hour chart.
An expert in an asset management forecasts the parity of the euro and the dollar in a half year.
After FOMC meeting in the last week, the Fed Chair, Jerome Powell spoke that there wouldn't be a giant step, 0.75 percent hike of the benchmark rate. His comment boosted the market, but the market sank again. Gjallarhorn thinks, the U.S. benchmark rate will hike whether the big step or the giant step. And Powell supported the big step in the next meeting.
He acknowledged the soft landing of a low inflation and high growth is very difficult at a radio broadcasting interview on Friday. He spoke he believed, the U.S. economy would avoid the recession.
But some Fed members claim the giant step against the inflation.
Loretta J. Mester, president and CEO of the Federal Reserve Bank of Cleveland claimed the more hawkish rate hike and supported the pace of hike speed would be quick if the inflation wasn't controlled in September.
It seem to be reasonable to hold the short bias on the euro though euro's rebounding.
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