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| EUR/USD four-hour chart, source:FXDD.com |
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 got the long position of futures, euro-FX after the position liquidation as a loss. Because Gjallarhorn is convinced euro would rise.
Gjallarhorn still expects that euro will keep mild upward trend.
One of the major currency pair EUR/USD rallies from Tuesday morning after forming the correction. It broke through 1.14. Euro touched 1.14 temporarily in last month. The expectation of finishing of the pandemic raises the risky asset such as euro gradually. It seemed to be difficult to exceed 1.11 and 1.12 just two months before. It exceeded 1.13 as did 1.11 and 1.12 in turn being tested continuously.
The pair rises along Upper Band of Bollinger Bands in four-hour chart, and 20 Moving Average heads upward in four-hour chart, daily chart and weekly chart.
Over the past few weeks, the euro has been one of the best performing currencies. It rose to a nearly four-month high versus the U.S. dollar despite weaker-than-expected economic data.
Despite the Sino-U.S. tension and rising cases of COVID-19 in the United States, the expectation of coronavirus vaccine and the medicine supported euro.
The news of Moderna's vaccine development boosted Moderna's equity price and the risky asset.
And euro rose by the expectation of the possibility that EU leaders may agree the recovery fund package at the meeting on Friday and Saturday. It has been informed some leaders in Euro zone was opposed the supporting way.
There are negative news to euro. The tension between G2 still threatens the market participants. The Hong Kong National Security Law by Chinese government intensified the Sino-U.S. tension as well as the trade tension. Washington attacked Beijing head-on talking about the sensitive territorial dispute over the South China Sea on Monday.
The rising tension makes the investors buy the safety asset such as greenback and gold.
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.
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