[EUR] Euro in the correction II 2021 0111

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

 

cf. [EUR] Euro in the correction 2021 0107

cf. [EUR] The Correction of EUR in the Short Term 2021 0104

One of the major currency pair EUR/USD continues its correction after the hitting 1.2349 on last Wednesday. The pair fell under the bullish trend line in the four-hour chart.

The pair which has broken through the major downward trend line and 1.20, doesn't seem to exceed the peak made in 2018, now. It needs to get more momentum to hit the record in several years.

It is interpreted that the correction saves the momentum to make the new bullish trend. And the forex investors need to prepare the correction of the risky euro against dollar. The currency may retreat to 1.21.

As the euro steps down, the greenback rebounds as the week begins. The dollar rose as U.S. yields jumped. The market participants expect more fiscal stimulus for the U.S. economy and get the risk-averse sentiment.

The U.S. Dollar Index that tracks the greenback against the six-major-currencies basket rose. The Dollar Index Futures rose to 90.317 at 06:38 (GMT).

The more fiscal stimulus, the weaker greenback, but the dollar gains in the short term due to the U.S. bond yields.

Meanwhile Non-farm Payrolls released on last Friday showed the still recession in the United States. It decreased 140 thousands comparing to that in last November.

But Gjallarhorn analyses the bias to the euro is still upward.

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