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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Rebounding Euro 2021 0303
cf. [EUR] EURO in the Correction 2021 0226
Gjallarhorn doesn't have any position after the liquidation in February.
The currency pair EUR/USD plunges at the beginning of the week. The pair which has broken through the 120 Exponential Moving Average retreats along the bottom band of Bollinger Bands in the daily chart. It fell to the fresh low since last November 25.
The euro has attempted to break the main downward trend line formed since 2008. This plunge can be interpreted, the attempt failed. It means that the euro dives forming the Head-and-Shoulders pattern in the weekly chart, and it may plunges to 1.16 or below 1.16.
The traders need to watch the price in the four-hour chart. If the euro exceeds 20 Moving Average with ease, it has more possibility of rising in the short term. If not, the plunge may go on.
It's the time to just watch the situation.
The U.S. Senate passed the massive fiscal stimulus package over the weekend. This raises the likelihood that this bill will be passed into law before enhanced jobless benefits expire on March 14.
The passage of the stimulus bill and the Non-farm Payrolls in last Friday boosted the dollar. And the rising U.S. Treasury yield supported the greenback, too. The 10-y yields exceeded 1.6 percent at once in the last week.
And the analysts at Bank of America predicted the dollar might be bullish more in the year. The expectation of the global economy recovery and the yield spread will support the dollar, they analyze. The U.S. news media CNBC foresaw the 10 percent of the U.S. economy growth in the first quarter.
Meanwhile a high-level official at the European Central Bank worried the recent Yield Curves. The European Central Bank releases its benchmark interest rate, the Main Refinancing Rate on Thursday. The markets expect it will be frozen. And the press conference is held after the release of the benchmark interest rate.
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