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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Rebounding EUR 2020 1006
cf. [EUR] Coronavirus and Non-Farm Payrolls 2020 1002
cf. [EUR] Euro on the Corssroad 2020 0926
Gjallarhorn holds the Long position of euro in the futures market, CME. It still records the loss.
One of the major currency EUR/USD rose at the end of last week. But the currency pair stepped back as the week began.
Retreating euro is still on the upward trend line in the four-hour chart and it gives investors the hint of still-bullish bias. Though it breaks through the trend line, it would be supported the support line in the daily chart and 120 exponential moving average in the four-hour chart.
The long bias to euro is still valid.
The dollar moved to three-week lows in early Tuesday as investors expected that there will be large U.S. fiscal stimulus after the Presidential Election on November 3. And the dollar index stood at 93.036, just above Friday's near-three-week low of 92.997.
There are positive news and negative news in the market simultaneously. The expectation of US. fiscal stimulus calls the risk-on but the fear of the re-proliferation of COVID-19 makes the investors buy the safe-haven asset such as gold and greenback.
So, euro fluctuates in the range just attempting to rise.
The long position of euro in the futures market recorded low in two-month according to CFTC data. It is regarded that euro is over-bought.
Meanwhile, Wall Street bet on Biden in the election in the next month. They expect the Democratic Party does more stimulus afer winning the election.
Goldman Sachs predicts 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.
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