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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Rising Euro After the Correction 2020 0608
cf. [EUR] Preparing the Correction 2020 0604
cf. [EUR] EUR May Rise in Short and Mid-term 2020 0601
The currency pair EUR/USD is under the correction after the rising without pause. One of the major currency EUR/USD which has touched 1.1420 fell under 1.1300.
Euro stays on bottom band of Bollinger Bands at the end of last week recording 1.12597. It is likely to fall again forming downturn, double-tops pattern this week.
Though it steps down to 1.115x, 120 Exponential Moving Average in the four-hour chart, it doesn't hurt the upward trend in the mid-and-long term. Because it is above 20 Moving average in the daily chat and the weekly chart. Euro has rushed to upper band of Bollinger Bands and 120 EMA, and it succeeded. It needs a break empirically, Gjallahorn thinks.
The currency pair can keep its bullish bias, if it is supported 1.1150, 120 EMA kn four-hour chart, 1.1150, a short-term trend line, Gjallarhorn analyses.
The pair is still between the upward trend line and the downward trend line.
Dollar gained due to the empirical break of euro, but the pandemic coronavirus and the dismal economy-outlook by Fed supported greenback, too.
The market participants expected the Covid-19 vaccine would be made shortly and the global economy recover. But it is doubted, rising asset has fallen. And safe-haven dollar rose.
Fed Chair Jerome Powell spoke the gloomy outlook of economy in May but he denied the possible negative benchmark interest rate, Federal Funds Rate.
Fed forecasted the economy to be depressed, including a 6.5% reverse growth this year and an unemployment rate of 9.3% at the end of the year at the press conference on last Wednesday.
These facts supported dollar late last week.
The concerned experts said that euro would move in the narrow range due to the being in slow progress of Europe's recovery fund, Yonhap Infomax reported on Saturday.
Gjallarhorn liquidated the long position of futures, euro-FX on Friday due to the expectation of euro's correction below 1.13.
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