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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 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.
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