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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Euro at the Crossroads 2021 0115
cf. [EUR] Rebounding EURO 2021 0113
cf. [EUR] Euro in the correction II 2021 0111
Gjallarhorn got the short position of euro in the futures market. Because it paid attention the bearish trend.
The currency pair EUR/USD retreated since January 7. It tried to rebound on last Wednesday but it failed and has kept its bearish momentum. The euro has rallied since last November and it's time to take a break.
The pair moves along the bottom band of Bollinger Bands in the four-hour chart and the daily chart, and it is anticipated that the pair keeps its downward trend in the short term. The weekly chart of the currency pair doesn't show an explicit signals yet. And we need to watch the chart more carefully.
The market participants need to prepare the possibility of euro's retreat to 1.21 and 1.20 in turn. And euro may step down to the main downward trend line which has been formed since 2008. It is below 1.20.
The analysts think the recent correction of euro to dollar is due to the continuous rising of COVID-19 cases worldwide. The rising cases has kept investors cautious.
FXStreet.com reported, FX Strategists at UOB Group expect the pair EUR/USD to drop in the next weeks on Monday. The downward momentum is strong and further EUR weakness is likely.
And Janet Yellen, the Secretary-designate of the Treasury is expected to speak dollar is controlled by the market at her confirmation hearing on Wednesday contrary to Trump administration's weak greenback policy.
Her comments is in principle, market participants take note of her speak though.
Meanwhile, 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's view on the currency pair is neutral. EUR/USD would be in the correction but it's uncertain whether it would rebound or keep the bearish in the mid and long term.
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Gjallahorn does not provide any signals, but tries for traders to get the insight into the market.
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