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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Short USD and Long EUR II 2020 1014
cf. [EUR] Short USD and Long EUR 2020 1013
Gjallarhorn keeps the Long position of euro in the futures market, CME. It still records the loss.
Gjallarhorn recommends you the boring management rather than the splendid skill. The skill without the capital management doesn't keep your accounts. Though the deal failed, the capital management eases the loss and guards the accounts.
The technical analysis isn't effective than the fundamental analysis nowadays.
The Forex market is directed by the news of COVID-19 and the US Presidential election on November 3.
The hopeful news of the coronavirus raises the risky currencies such as euro and euro drops by the news of virus re-proliferation and the fear of twindemic.
The election campaign in the United States affects the Forex market, too.
''Biden Trade'' which implies the bearish greenback, stepped back. The grim news of COVID-19 vaccine and the fail of fiscal stimulus before the Presidential Election on November 3 strengthened the greenback last week.
We need to watch the news more than analyse the charts.
The second pandemic of COVID-19 is realized. As the infection cases soars, Europe raises the blockage measures against the virus.
And the risk-off sentiment eased somewhat at the end of the last week, as US economy indicator was better than the expectation, the greenback rose against major currencies last week though.
Euro was bearish due to the increasing coronavirus cases in the EU, leading to restrictive measures in the Union.
Though the drop of euro, the long bias to euro is still valid. Gjallarhorn still recommends to buy euro rather than to buy dollar in mid-and-long term.
Wall Street bet on Biden in the election in the next month. They expect the Democratic Party does more stimulus after winning the election.
Goldman Sachs predicted the weak greenback because the vaccine against COVID-19 will be made and the Democratic Party and Joe Biden beat the Republican Party and Donald Trump respectively on November 3.
Meanwhile Fed chair, Jerome Powell and ECB president Christine Lagarde speak respectively on Monday.
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