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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] 1.20을 눈앞에 둔 유로화 2020 1130
cf. [EUR] EUR, Preparing to Exceed 1.20 2020 1129
Gjallarhorn liquidated the long positions of euro-futures in CME, Chicago Mercantile Exchange, and doesn't have any position in the year.
The currency pair EUR/USD has broken through 1.20 and exceeded 1.21 sequently.
The major downward trend line which has been formed for more ten years, has been broken thorough, and euro moves above the bearish trend line. It means the new trend will be made.
The currency pair fluctuates after its rally exceeding 1.21. It may retreat and doesn't seem to rally again over 1.2160 in the short term.
It is forecasted that euro moves in the channel between 1.2070 and 1.2166.
The long bias to euro is still valid. It seems to be supported at 1.2050 at first and the second support may be 1.1970.
And it is recommended to buy euro while its correction. Fibonacci 38.2 and 120 Exponential Moving Average are around 1.1970. It looks not fall below it.
ECB, the European Central Bank holds the meeting on Thursday. Forex experts thought ECB would extend the QE program, DowJones reported on Tuesday.
And one strategist told that ECB might restrain the rising of euro and euro would fall to 1.20s.
The U.S. FOMC meeting is held on December 17. The market participants expect the more market-friendly policy of FOMC but lower their expectation of the US fiscal stimulus in the year.
The COVID-19 vaccine by the international pharmaceuticals Pfizer and BioNTech began to be used in England this week for the first time. The vaccine will be used in the United States soon.
The positive news against the pandemic supports the risk-on assets.
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