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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] The Unstablel Euro while Rising 2021 0311
cf. [EUR] Plunging Euro 2021 0308
Gjallarhorn doesn't have any position just watching the market.
The one of the major currency pair EUR/USD failed to rebound after forming the double-bottoms pattern in the four-hour chart. The pair stepped down to 1.1885 and tries to recover again.
The euro attempts to make the doubl-bottoms pattern in more large scale, in the four-hour chart, and it may raise the euro.
But the retreating EUR/USD goes sideways waiting for the U.S. FOMC meeting which gives hints about Federal Reserve's monetary policies. The watching the market may be better than the dealing ahead of FOMC press conference.
The currency pair EUR/USD fell 0.1% to 1.1892, near three and a half weeks low of 1.1835 as concerns grow about further lockdowns in Europe and delays in vaccinations. German government and French's halted the vaccination of AstraZeneca.
But German economy is confirmed to recover by the economy index of ZEW Economic Sentiment. German ZEW Economic Sentiment was released 76.6 better than market expectation 74.0.
The Federal Reserve concludes its two-day policy meeting later Wednesday, and is expected to update its economic forecasts to predict stronger U.S. economic growth in the wake of a ramped-up Covid-19 vaccination program and 1.9 trillion dollars in new stimulus.
The analysts at ING said, a substantial shift in tone by the FOMC appears unlikely and markets would probably remain unfussed by a mere reiteration of the 'lower-for-longer' pledge despite improved recovery prospects in a research note.
The Fed is predicted to keep its easing monetary policy for a while, the concern of the inflation in the United States is still rising. The market participants expect there will be a comment about the rising bond yield after the FOMC meeting. The U.S. economy reportedly has grown most quickly in ten years and the unemployment rate lowers, and they give the traders the concern of the inflation. Jerome Powell has spoken that Fed doesn't worry about the yields seriously, which made the yield surge.
Meanwhile a forex analyst Joseph Travasani at FXStreet.com spoke, the main momentum of the dollar was the U.S. yields and it wouldn't change.
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