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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] The Greenback in Correction 2022 0517
cf. [EUR] Soaring Greenback 2022 0514
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 no position in CME and just watches the market.
The currency pair EUR/USD retreated on Friday, but it rose one big prior day exceeding 20 moving average in the daily chart. The pair rose from the support line and has the momentum to the upper band of the Bollinger Bands in the daily chart.
It touched 120 exponential moving average in the four-hour chart. It could retreat below the support line, 1.0434. But the rising momentum is found in the daily chart, the euro could rise over 1.07.
The double-tops pattern is found in the one-hour chart. It implies the bearish euro.
The signals from the hour-size charts tell the strong dollar, the daily chart and the weekly chart show the rebound of the euro though.
Jerome Powell, the Fed Chair spoke, the interest rate would be risen continuously till the inflation under the control last week.
Esther L. George, president of the Federal Reserve Bank of Kansas City spoke the Fed watched the tightening in the financial situation, not the effect to the stock market in the interview.
And the traders need to listen to the news of the possible interest hike by the European Central Bank. It is acknowledged the Fed's big step and the investors prepare the event. But the events from the ECB begin to loom. The market participants may react the ECB's action.
Christian Lindner, German finance minister spoke, the bearish euro raised the inflation and press the rate hike by ECB though the recession risk.
There are the views supporting the strong dollar.
The Forex analysts on ING have spoken, if the risk-averse sentiment is on and the equity markets are bearish, the Dollar Index might exceed over 105.
Some Forex strategists expect the currency pair EUR/USD may fall to 1.02s in a quarter.
And the FOMC's Meeting Minutes last month is released on Wednesday. And the preliminary GDP in the U.S. is released Thursday.
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