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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] 반등하는 유로 2020 1125
cf. [EUR] EUR, trapped between the Resistance and the Support 2020 1124
cf. [EUR] Enlarging Volatility 2020 1119
cf. [EUR] Bullish Euro? 2020 1117
Gjallarhorn keeps the Long position of euro in the futures market, CME. It still records the loss.
The currency pair EUR/USD finished the week with gain while US holidays, Thanksgiving Day.
The one of the major currency pair, EUR/USD which ended the week with 1.1958 gives the market participants the strong signal of poising to break through 1.20. And it ready to face the major bearish trend line which has been built since 2008.
The major downward trend line passes around 1.20 in this week. The exceeding 1.20 of euro means the new trend will be formed.
The 20 Moving Average in hours charts, daily and weekly charts direct upward showing the rising momentum.
But we need to watch the external news as well as the technical analysis.
When euro tries to exceed the meaningful price level, it retreated. The re-proliferation of COVID-19 disturbed the rising of euro. The third wave of rising infection cases makes the investors' risk-averse sentiment, euro down and dollar up.
And the news of vaccine development by the pharmaceuticals turns on the risk-on sentiment.
The passive re-proliferation of COVID-19 and the optimistic vaccine development make the euro fluctuate.
Meanwhile Charles Evans, governor of Chicago Fed. expected the near-zero interest rate of Fed. might be held till 2024. It hints the weak greenback for a long time.
The Forex strategist of the French bank, Societe Generale has forecasted the euro would be bullish if the yield spread between eurozone and counterparts becomes narrow and prospected 1.1920 might be the last resistance line to proceed to 1.20, before.
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