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| EUR/USD four-hour chart, source:FXDD.com |
Gjallarhorn doesn't have any position just watching the market.
The currency pair EUR/USD fluctuates in Bollinger Bands in the four-hour chart. It rose bridging the gap on Monday. But the pair just moved up and down without the meaningful signal.
There is still the possibility of forming the Head-and-Shoulders pattern in the weekly chart, the traders need to prepare the price may fall to 1.18 at first and 1.16s next step.
It is reasonable just to watch the market without getting positions for a while. It is not late to get the short or the long position after confirming the trend.
The rising dollar which recorded high in four months turned the direction to downward on Monday, as the US 10-y Treasury Note yields dropped under the 1.7 percent and was stable.
Jerome Powell, the Federal Reserve Chair affirmed the monetary easing policy in the long term contributing to the mass media, and it helped the dollar to be corrected.
Thomas I. Barkin, the governor of Federal Reserve Bank of Richmond spoke, the inflation should be out of sight for six months and tried for the stable bond market.
And the sudden exchange of the Turkish Central Bank's governor called the risk-off sentiment.
The market participants have thought the bearish greenback due to the vaccination against COVID-19 and the expectation of global economy recovery since last forth quarter. But the expectation of the U.S. economy growth called the yields' rising, and it raised the bullish dollar. And the insufficient vaccination in Europe has supported the strong U.S. dollar. Because they think there will be gap between the U.S economy growth and Eurozone's more and more.
It is reported, JP Morgan increased the dollar position in its Forex portfolio.
Edward Moya, a senior market analyst with OANDA said, the short trend became ease in the bond market and it made the investors just watch the dollar and its counterpart
Meanwhile, the Wall Street Journal analysed that the possible inflation in the United States might control the bullish dollar last Friday. The Dollar Index which is stable relatively fluctuating 91.0 may another factors, the media diagnosed.
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