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EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Bullish Euro? 2020 1117
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.
The rising currency pair EUR/USD retreated and is under the correction. It failed to break through the bearish trend line in the four-hour chart, it's hard to break through the trend line at one sitting, though.
And it is positive that the bottoms rise.
Gjallarhorn thinks it is still valid to hold the bullish bias to euro.
As it has done, euro's moving has been determined by COVID-19.
The news of COVID-19 vaccine boosted the risk-on sentiment of buying euro, pound and selling dollar and yen. And the surging infection cases and the re-proliferation make investors turn to buy risk-averse US dollar and gold.
Though the US pharmaceuticals announced their development of vaccine, the re-proliferation cooled down the risk-on sentiment.
The Dow Jones Industrial Average and the S&P 500 recorded their worst day in three weeks on Wednesday, and these indices are set for their third straight day of losses as this vaccine optimism dissipates.
And the US initial Jobless Claims increased 742 thousands, which was expected 707 thousands.
The US economy still doesn't recover from the recession.
Yonhap Infomax, economy news agency reported, analysts of ANZ said that the mixed materials raise the market volatility on Thursday.
Meanwhile, 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.
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