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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Retreating EUR 2021 0118
cf. [EUR] Euro at the Crossroads 2021 0115
Gjallarhorn liquidated the short position of euro and swung to the long position in the futures market.
The currency pair EUR/USD which retreated in the early month succeeded to rebound at 1.2052(FXDD.com data) and exceeded 120 exponential moving average in the one-hour chart. And it has risen breaking through 20 moving average.
It seems to rise to 1.2166 first which is 120 exponential moving average in the four-hour chart.
The currency pair formed V pattern which shows sharp trend turning. But we need to know it is less reliable than other trend-turning patterns.
If euro continues to rally, the investors can be interested whether it break through 1.2547, too. The price of 1.2547 is the previous peak in 2018. The exceeding the peak in 2018 may mean euro is on the upward trend.
Janet Yellen, Treasury Secretary-designate spoke the foreign exchange should be controlled by the market and would do actively against the artificial forex control by other countries while her confirmation hearing.
Yellen's statement supported the risk-on sentiment, and risky currencies such as Chinese Yuan and British Pound rose against the dollar. And euro did, too.
Euro should challenge the obstacles. The circumstance around the market isn't always friendly to euro. The rising COVID-19 cases hinders Euro zone economy growth and euro's rally. The global pharmaceuticals developed the vaccine, the re-proliferation is still active though. The doses of injection aren't sufficient yet.
In addition, the officials of ECB, the European Central Bank are unwilling to see the euro's rising because they should boost the eurozone's economy. Therefore, ECB President Christine Lagarde and other senior ECB officials have expressed their dissatisfaction with the current situation, saying they are closely watching the recent euro's moving.
Therefore, some analysts expect the euro in the correction and dollar's rally in the short term. FXStreet.com has supported the bearish bias in the mid term and long term showing the major result of the poll is bearish in one month and one quarter.
Gjallarhorn has the bias of the bullish euro and thinks the correction as the chance of buying euro.
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