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| 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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