EURUSD H8 | Short View 21/09/20

- The Euro is trading lower against the U.S. Dollar on Friday after giving up earlier gains. The single-currency rallied shortly after the opening as Euro Zone bond yields edged higher. However, gains were limited as economic recovery concerns persisted. The price action suggests investors believe the European Central Bank (ECB) may need to introduce fresh stimulus measures to support an uneven and uncertain recovery in the Euro Zone and bring inflation closer to its 2% target, ECB policymaker Pablo Hernandez de Cos said on Friday.
- The main trend is down according to the daily swing chart. However, momentum is trending higher following the confirmation of yesterday’s closing price reversal bottom.
- A trade through 1.1917 will change the main trend to up. A move through 1.1737 will signal a resumption of the downtrend.