[EUR] Still Bullish Euro 2021 0123

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

cf. [EUR] Rebounding Euro 2021 0120

cf. [EUR] Retreating EUR 2021 0118

cf. [EUR] Euro at the Crossroads 2021 0115

Gjallarhorn keeps the long position of the euro in the futures market. 

Gjallarhorn has the bias of the bullish euro and thinks the correction as the chance of buying euro.

The currency pair EUR/USD which retreated in the early month succeeded to rebound at 1.2052(FXDD.com data) and reached 120 exponential moving average in the four-hour chart. It tries to exceed the 120 EMA.

The currency pair formed the gradual double-bottoms pattern and goes sideways around the 120 EMA in the four-hour chart.

It is valid to keep the upward trend of the euro, Gjallarhorn analyses.

It is reported the United States hasn't locked down though the re-proliferation of COVID-19 and its economy kept the momentum since the year. 

The U.S. Flash Manufacturing PMI was 59.1 which was expected 56.6 and previous 57.1 according to ForexFactory.com. But German Flash Manufacturing PMI was 57.0 worse than expected 57.3 and previous 58.3.

The different record of economy in the United States and Europe restrained the rising of the euro.

And the investors also watch the injection case of the vaccine. Because the distribution and injection of the anti-corona virus vaccine is not satisfactory, and it makes some countries in Euro zone extend the lockdown.

Yonhap Infomax, the economy news agency reported, the rising cases of the virus and the economy records in Europe showed the lockdown was the obstacle in the economy recovery citing market strategist at Western Union Business Solutions.

And the market participants watch the U.S. T-bond yield which has gone sideways around 1.1 percent. Due to the expected extension of the fiscal spending in Biden's government, the rising yield of T-bond supports the strong greenback. Most analysts expect the weak dollar as did in last year. Because Fed keeps the easing monetary policy and it is expected that the global economy will rebound after the pandemic diminishes by the vaccine.

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