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| EUR/USD four-hour chart, source:FXDD.com |
Gjallarhorn got the long position of EUR at the CME.
The currency pair EUR/USD rises at the begin of the week continuing its bullish sentiment for weeks.
It attempts to break above the bearish trend line which was formed since 2008, again. This attempt will determine the next trend, bullish or bearish. If the pair breaks through the downward trend line, it will get the long bias for a long time. Gjallarhorn forecasted the Head-and-Shoulders pattern in the weekly chart, but it failed to build the pattern. It is convenient to expect the long bias on the euro.
The pair rises raising its peaks gradually in the one-hour chart on Monday. The euro seems to keep its rising though there are corrections.
The German ifo Business Climate released 08:00 Monday(GMT) was 96.8 worse than expected 97.8. The previous record was 96.6. After the German ifo Biz Climate, the euro retreated in the correction.
But the risk-on sentiment raises the euro against the greenback as economic data point to a global economic recovery ahead of this week’s Federal Reserve meeting.
The Dollar Index tracking the greenback against a basket of six other currencies was 90.778 as of 07:55 (GMT), near levels not seen since the end of February.
The European Central Bank maintained its very accommodative policies last week, with President Christine Lagarde shutting down expectations that the central bank will start to consider easing back its bond purchases any time soon.
And the FOMC, Federal Open Market Committee releases its statement and the benchmark interest rate, Federal Funds Rate at 18:00 Wednesday(GMT). It is expected the interest rate will be frozen to the band of zero to 0.25 percent.
Meanwhile it was reported Joe Biden, the US President would plan to raise the capital tax from 20 percent to 39.6 percent about the super riches.
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