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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Preparing EURO's Correction 2020 1223
The currency pair EUR/USD retreated at the end of last year. It seemed the technical correction.
The pair of EUR/USD has succeeded to break through the main bearish trend line which was formed since 2008 and exceeded 1.20 in the last year. The pair which has risen gradually since last November is expected to keep the bullish trend but there will be the correction in the short term.
The euro exceeded 1.2300 and retreated soon at the end of they year 2020. The euro has rallied without a big correction since last November and consumed the momentum. It is time to take a break.
The currency pair can step down to 1.216x at first and 1.205x next step.
It is a technical correction, and it is still valid to keep the bullish bias to euro.
It is expected the more fiscal stimulus in the Biden Administration. The U.S. parliament has agreed the 900 billion dollar
fiscal stimulus. It supports the weak greenback. The dollar index futures tracking dollar against six major-currency basket fell below 90.0. Federal Reserve led by Jerome Powell supports near zero key interest rate till 2023 at least.
It suggests for the investors to sell the dollar and buy the euro and the risky currencies.
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