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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Fluctuating Euro 2020 1112
cf. [EUR] After the Election 2020 1108
Gjallarhorn keeps the Long position of euro in the futures market, CME. It still records the loss.
One of the major currency pair EUR/USD succeeded to rebound on 20 Moving Average in the daily chart. It is expected to rise to 1.1925, the upper band of Bollinger Bands first, though it fluctuates in the bands.
The Forex market is driven by the re-proliferation of COVID-19 after the US Presidential Election on November 3. It implies that the technical analysis isn't effective so much.
The positive news from pharmaceuticals boosts the markets, stock markets as well as forex markets.
US pharmaceuticals, Moderna Inc reported a 94.5% efficacy rate for its candidate vaccine its phase III study yesterday.
The news follows Pfizer Inc and BioNTech's announcement during the previous week that their jointly developed the COVID-19 vaccine which prevented more than 90% of symptomatic infections. The US pharmaceuticals, Pfizer and German BioNTech announced that the vaccine against COVID-19 and the stock markets were excited.
The news of the COVID-19 vaccine called the risk-on sentiment of the market participants. As the news of COVID-19 vaccine was released, the stock market in Ney York surged. The euro also rose after the correction in the early market.
And the analysts of Action Economics said, the dollar would fluctuate in the narrow channel now but it would fall when the economy recovers with the inflation for months.
The forex strategist of the French bank, Societe Generale forecasted the euro would be bullish if the yield spread between eurozone and counterparts becomes narrow. And he prospected 1.1920 might be the last resistance line to proceed to 1.20, too.
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.
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