[EUR] EUR, trapped between the Resistance and the Support 2020 1124

EUR/USD four-hour chart, source:FXDD.com

 

cf. [EUR] Enlarging Volatility 2020 1119

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.

Rising euro plunged suddenly in the last afternoon(GMT).

The one of the major currency pair, EUR/USD rose above 1.1900 in the noon(GMT), but it fell sharply below 1.1800. It took just 3.75 hours.

After plunging it rebounded being supported on 1.1800. The pair seems to keep the bullish momentum, and it is recommended to hold the long position of euro.

Euro faces the strong resistance at 1.189x. Whenever it has touched around 1.189s, it retreated due to the several materials such as the re-proliferation of the virus and the US Presidential Election.

This time, the positive news of vaccine development by the pharmaceutical AstraZeneca took the currency pair upward toward 1.19. But the greenback surged while the release of the US Flash Manufacturing PMI for November. The index showed an unexpected increase to the highest level in years.

And the fear of re-proliferation of COVID-19  in the United States took euro down, too. 

FXStreet analyses 1.1920 as a key level to determine the near-trend direction of the euro and sets 1.1910~20 price zone, as a strong resistance against EUR/USD.

And Charles Evans, governor of Chicago Fed. expected the near-zero interest rate of Fed. might be held till 2024.

Meanwhile Janet Yellen, former Federal Reserve was selected as Treasury Secretary in the Joe Biden's government. It was positive to the market.

German IFO institute releases ifo Business Climate at 09:00(GMT), Tuesday. Its previous index was 92.7 and the market expects it may be 90.3, this 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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