[EUR] Bearish EURO 2021 0720

 

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

cf. [EUR] Falling EURO 2021 0713

Gjallarhorn keeps the long position of EUR at the CME. The positions are under the loss.

The currency pair EUR/USD fluctuated in Bollinger Bands and it stepped down. Because the trend is bearish now.

The pair retreated as Europe session began and rebounded as New York session began. There were two sparks but it retreated in the end. The pair doesn't seem to rebound over 1.1807, 120 exponential moving average in the four-hour chart in the short term.

The currency pair moves in the downward tunnel in four-hour chart.

And there is the possibility of forming Double-tops pattern, supporting bearish trend in the weekly chart. The pattern is likely to pull the EUR/USD down to 1.16 and 1.13 in that order. There is still the possibility of euro's fluctuating in the Bollinger Bands, too. Then the pair rebound to 1.20, 20 moving average in the weekly chart first.

The spread of the delta variation of the COVID-19 made the investors get the risk-off sentiment again. And Dollar Index tracking dollar against the basket of the major six currencies rose 0.13 percent to 92.844, risky currencies sank to near three-month bottom.

Edward Moya, analyst of on-line Forex FDM Oanda diagnosed the concern to the delta variation raised the risk-averse sentiment. He forecasted the surge of the greenback and Japanese yen.

 Ulrich Reutsmann, head of foreign exchange and commodities research at Commerzbank said, it was questionable whether we could return to pre-COVID-19 conditions even with increasing vaccination rates.

Meanwhile, Goldman Sachs adjusted the GDP growth of Southeast countries due to the spread of the COVID-19 delta variation last week. It lowered the anticipated Indonesia's growth from 5.0 percent to 3.4 percent, that of Malaysia's from 6.2 percent to 4.9 percent and that of Singapore from 7.1 percent to 6.8 percent. 

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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.

You can ask by messenger and e-mail.

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[Gjallarhorn][걀라호른][EUR] 다시 안갯속을 걷는 유로화 2021 0717

[EUR] Falling EURO 2021 0713

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

 

cf. [EUR] Bearish EUR in the Short Term  2021 0706

cf. [EUR] The Euro in the correction  2021 0630

Gjallarhorn keeps the long position of EUR at the CME. The positions are under the loss.

The currency pair EUR/USD which reached the upper band of Bollinger Bands in the four-hour chart last week retreated bellow the upper band again. And the price of the pair dropped at beginning of Tuesday(GMT)  in the one-hour chart.

The US CPI released at 12:30(GMT) was better than expected and it raised the greenback. The price of EUR/USD hit the bottom band of Bollinger in the hour charts and it slid along the bottom band.

The euro fell under 1.18. It may drop to 1.1778, the previous bottom. Then the euro will ride on the bearish trend in the short term.

And we need to watch the weekly chart of EUR/USD. The 20 Moving Average began to direct downward, it shows the bearish bias in mid-and-long term. And it implies the euro failed to break through the bearish trend line.

The greenback gained Monday ahead of Fed Chair's testimony and the release of the US CPI in June. CPI hit 0.9 percent better than expected 0.5 percent. The dollar jumped making the market participants have the bearish bias.

The hawkish stance of European Central Bank, ECB raised the euro last week, the euro collapsed Tuesday afternoon(GMT) though.

The Dollar Index tracking the dollar against the currency basket of major six currencies rose 0.12 percent to 92.237 on Monday.

The risk-averse sentiment is still valid due to the spread of the delta variation, the market moves moderately. The yields of the US 10-y note rebounded to 1.37x percent after the correction in the early session.

John Williams, the president of the Federal Reserve Bank of New York spoke it's wrong to guess the new policy frame of the Fed calls the rapid hike of the benchmark rate.

And Thomas I. Barkin the president and CEO of the Federal Reserve Bank of Richmond diagnosed the US employment market not recovered sufficiently to do tapering.

ING analyzed the possibility of the weak greenback due to the CPI and Powell's testimony in the House of the Representatives. But TD Securities anticipated, the strong US economy indices and Powell's support of hawkish stance raise the dollar.

Meanwhile DowJones reported, Saxo Bank predicted the bullish euro in September after German parliament election. It expected the possible German ruling party would raise the bond yield and the euro rise.

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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.

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, #EUR, #euro, #EURUSD