[EUR] Rebounding Euro 2022 0621

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

 cf. [EUR] Giant Step and Retreating Dollar 2022 0617

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 a short positions of the Euro in CME.

The sliding currency pair EUR/USD rebounded in mid May and fluctuated in the Bollinger Bands in the daily chart. The pair has rebounded on the bottom band and rises toward the middle band. And the traders may expect the pair exceeds the middle band and reaches 1.0775, prior peak and 1.084x, the upper band in the daily chart.

The euro attempts to build the double-bottoms pattern in the weekly chart, it failed to exceed the middle band at once though. The credibility of the pattern isn't high, yet.

The currency pair doesn't exceed the 120 exponential moving average, 1.05748 in the four-hour chart, yet. It doesn't seem to exceed 120 ema soon. The 120 ema act as a resistance line for a while.

It rises in the early Europe session. The euro moves along the upper band in the one-hour chart, the euro may retreat on 120 ema in the four-hour chart though.

The euro rose in the early Europe session, drawing support from the European Central Bank's plans to raise interest rates to contain inflation.

The euro was supported after ECB Chief Economist Philip Lane said the ECB will raise interest rates by 25 bp at its July meeting.

After the FOMC meeting the dollar is in the correction. The Federal Reserve hiked the Federal Funds Rate 0.75 percent, the giant step, but the dollar didn't soar and is in the correction.

Though the giant step, the Fed chair Jerome Powell spoke the Fed tried to controll the inflation under the 2 percent at a conference, last Friday.

He has informed the big step, 50bp hike or the giant step, 75bp hike next FOMC meeting in July.

As well as the Federal Reserve, Swiss National Bank and Bank of England hiked their benchmark rate, too. BOE raised the rate though the recession risk.

The American economy journal Wall Street Journal reported the soft-landing is just the illusion though the central banks action last Saturday.

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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.

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[EUR] Giant Step and Retreating Dollar 2022 0617

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 a short positions of the Euro in CME.

The currency pair EUR/USD succeeded to rebound on 1.0357, prior support band. The pair exceeded 20 moving average in the one-hour chart and the four-hour chart with the long candle. It also rose from the bottom band of the Bollinger Bands in the daily chart.

But the explicit signals aren't found yet. The bearish trend of the currency pair seems to be still valid. The Federal Reserve members are hawkish and the Fed raised the Federal Funds Rate 75bp on Wednesday. Before the FOMC meeting, the market anticipated the giant step, 75bp hike due to the surged CPI, 8.6 percent.

But the pair rose though the Federal Reserve's benchmark rate hike. The rate hike satisfied the market expectation and the Swiss National Bank and the Bank of England hiked their benchmark rate following Fed's action. It supported the euro, and the dollar retreated on Thursday.

And the U.S. economy gauges released on Thursday indicated the recession possibility. It aggravated the greenback. The new Unemployment Claims was 229 thousands worse than expectation.

The Fed had hiked the Federal Funds Rate 0.75 bp, giant step to 1.50~1.75 percent after FOMC meeting on Wednesday, which is the first giant step since November 1994. Jerome Powell, the Fed chair hinted the benchmark rate might be hiked 50~75bp.

The markets have expected the big step, 50bp hike and Jerome Powell used to supported the big step, 50bp hike. But the CPI released in last week rose recording high in forty years.

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

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, #FOREX, #FXMargin, #EUR, #euro, #EURUSD