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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] The Correction of EUR in the Short Term 2021 0104
The currency pair EUR/USD hit 1.2348 and retreated forming double-tops pattern in the one-hour chart. Though its drop, it fluctuates in Bollinger Bands in the four-hour chart and the upward trend line tries to support the pair.
But the forex investors should prepare the possibility the price of euro against dollar could fall to 1.2200 where 120 exponential moving average lays in the four-hour chart.
The currency pair can step down to 1.216x at first and 1.205x next step.
The correction isn't so bad, it is need to take a break.
Dollar shows its bullish due to the U.S. blue wave which has been completed.
The bias to the dollar is still bearish. Besides the Democratic Party has gotten the triple crown. Two new senators from the Democratic Party were elected and the Democrats become the major in the Senate as well as the House of the Representatives.
The market participants expect the more fiscal stimulus. It means the greenback is devalued against the risky currencies.
But the employment market didn't satisfied the Forex traders. ADP Non-Farm employment decreased 123 thousands, which was expected 60 thousands increasing. It makes the risk-averse sentiment.
Meanwhile, European stock markets edged largely higher Thursday, with a strikingly broad range of stocks hitting all-time highs as investors looking for additional fiscal spending following a projected win for Democrats in the U.S. Senate.
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