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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] After the Election 2020 1108
cf. [EUR] Testing Rising Euro 2020 1026
cf. [EUR] Fear of Twindemic 2020 1019
Gjallarhorn keeps the Long position of euro in the futures market, CME. It still records the loss.
Though euro is in the correction, Gjallarhorn analyses the long bias to euro is still valid. Euro has the margin of rising to 1.20 at least, Gjallarhorn thinks.
The currency pair EUR/USD succeeded to break through the downward trend line last Friday, it sank under the trend line as this week began though. It formed the Head-and-Shoulders pattern in four-hour chart, but it was supported on 1.1744.
Euro fluctuates without explicit trend in the daily chat and weekly chart, and it shows bullish in the monthly chart.
The investors may expect euro reaches the bearish trend line in the four-hour chart and break through.
And we need to recognize that the currency pair EUR/USD moves by the external factors, such as the US election and re-proliferation of COVID-19. It implies that the technical analysis isn't effective so much.
The US pharmaceuticals, Pfizer and German BioNTech announced that the vaccine against COVID-19 and the stock markets were excited. But the investors adjusted their expectation, the risk-on asset's values have been in the correction.
The pandemic still disturbs eurozone economy.
Though Biden's victory in the Presidential Election, the political situation in the United States isn't clear. It burdens Forex market.
And the euro slipped 0.3% against dollar overnight after the European Central Bank said it would focus on bond buying and cheap loans to boost pandemic-wrecked economies.
Therefore the investors still hesitate to buy more risk-on asset.
Meanwhile Goldman Sachs has predicted the weak greenback because the vaccine against COVID-19 and Joe Biden's winning.
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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Gjallahorn does not provide any signals, but tries for traders to get the insight into the market.
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