[EUR] Euro in the Correction 2020 0731

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

cf. [EUR] Still Rising Euro May Be Tested 2020 0724
cf. [EUR] LONG Bias to Euro 2020 0718
cf. [EUR] Rising Euro against Dollar 2020 0715
cf. [EUR] Euro's attempt on exceeding 1.13 2020 0629

Euro keeps its upward trend against dollar. It exceeded 1.16, 1.17 gradually and the currency pair EUR/USD faced 1.19 on Friday morning. Euro rose rapidly and it needed the break.

Euro retreats after touching 1.19, record-high in two years.

Euro has rallied in the short term, it seems to call the correction.

Gjallarhorn thinks the long bias to euro still valid, and recommends the investors to get the long positions of euro after the possible correction. Euro could retreat to 1.1630 or 1.1540, if Fibonacci is applied to the chart.

Greenback fell on Thursday due to the negative GDP growth and US President Donald Trump's tweet of the possibility of the postpone of Presidential election planned in this November.

An analyst at Western Union Business Solutions said, any type of economic or political uncertainties might make traders click ''Selling Dollar'', Yonhap Infomax reported on Friday.

He added, unemployment claims showed the economy was already tired.

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[EUR] Still Rising Euro May Be Tested 2020 0724

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

cf. [EUR] LONG Bias to Euro 2020 0718
cf. [EUR] Rising Euro against Dollar 2020 0715
cf. [EUR] Euro's attempt on exceeding 1.13 2020 0629

The Euro long position Gjallarhorn has kept was cleared last Monday due to Gjallarhorn's misjudgment of trend-turning.

Euro keeps its upward trend against dollar. There were some corrections, it recovered its momentum though. Euro has broken through the price level, 1.13, 1.14, 1.15 and 1.16 gradually in short term. Euro is above 1.16 and will face the correction. But it seems euro to rise over 1.16 price-level if the upward trend is still available.

The important trendline, 20 Moving Average heads upward strongly in charts of currency pair EUR/USD. The angle of climb shows euro keeps rising against greenback.

The euro of the currency pair EUR/USD is forecasted to face the price resistance lines around 1.1750 and around 1.20. Because there isn't the explicit resistant price-band till 1.1750. It is predicted the long-term downward trendline may greet the currency pair around 1.20 later.

EU leaders agreed the economy recovery fund of 750 billion euros in Brussel on Tuesday. It made euro surge.

But geopolitical news doesn't support euro.

The US President Donald Trump closed down Chinese Consulate in Huston in the week, and his counterpart Xi Jinping commits the retaliation shutting down US Consulate in China.

The economy news agency Yonhap Infomax reported on Friday, Bank of America predicted greenback's climbing because the disappointing recovery of the global economy would make investors buy safe-haven dollar.

Meanwhile Christine Lagarde, president of ECB has spoken, euro had the more possibility of falling, and warned in last June that the European economy has passed the bottom, it may recover incompletely though. President's speak dropped euro.

Chris Turner of ING Bank has predicted 5~10 percent fall of dollar in the year.
---------------------------------------------
Gjallahorn does not provide any signals, but tries to bring traders to gain insight into the market.

You can ask by messenger and e-mail.
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[EUR] LONG Bias to Euro 2020 0718

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

cf. [EUR] Rising Euro against Dollar 2020 0715
cf. [EUR] Still Available Long Bias 2020 0711
cf. [EUR] Euro's Continuous Attempt to Hurdle Over 1.13 2020 0706
cf. [EUR] Euro's attempt on exceeding 1.13 2020 0629

Gjallarhorn keeps the long position of futures, euro-FX liquidated in September and is convinced euro would rise by the mild upward trend. And we can confirm that the signals from several chart show the rising euro.

Euro faces the price-resistance around 1.143x. It tries to break through 1.1430~1.1445, but it doesn't succeed yet. Gjallarhorn expects it rises above 1.1440 but nobody may affirm the euro's climb. The currency pair EUR/USD rallies above 120 Exponential Moving Average and 20 Moving Average heads upward in hours chart.

Euro against dollar has risen since July 10 after forming the correction. It broke through 1.14. Euro touched 1.14 temporarily in last month. The expectation of finishing of the pandemic and the possibility of agreement among EU leaders about Eurozone economy recovery package raises the risky asset such as euro gradually.

Dollar Index, greenback's value against the basket of six major currencies dropped 0.75 percent to 95.917 in this week. Dollar Index has risen above 100 in the early year.

Corna pandemic still spreads around the world, market participants expect the economy recovery though. Because economy signals show green light.

The rising cases of coronavirus infection slow the recovery of the US economy.

The Unemployment Claimed released on Thursday recorded the increase of 1.3 millions. The previous one was 1.31 millions and the market expected 1.25 millions increase. The worse record than expected one supported dollar and the pair should be retreated.

And the agreement of EU leaders about 750 billion euros, EU economy-recovery fund is expected, and it raised euro. But it is not certain, yet.

Haley of Oanda anticipated that the positive result may raise euro to 1.1450 and the others can make it drop to 1.13, economy news agency Yonhap Infomax reported.

But it reported, the market forecasts the agreement will not be made in this meeting, and additional meeting will be called.

Meanwhile Christine Lagarde, president of ECB spoke, euro has the more possibility of falling, euro fell in January and warned in last June that the European economy has passed the bottom, it may recover incompletely though. President's speak dropped euro.

Chris Turner of ING Bank has predicted 5~10 percent fall of dollar in the year.
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Gjallahorn does not provide any signals, but tries to bring traders to gain 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 .

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#Gjallarhorn, #EUR, #euro, #EURUSD