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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Ahead of Non-farm Payrolls 2021 0901
Gjallarhorn keeps the long position of EUR at the CME. The positions are under the loss.
The currency pair EUR/USD retreated to 1.1854 on Monday, the US Labor Day, and began to rebound.
It goes toward 1.1880. The currency pair is supported on 20 Moving Average and restrained on the upper band of the Bollinger Bands in the four-hour chart. It can reach 1.1895 if the pair rises to the upper band of the Bollinger Bands in the chart. The investors need to watch whether the channel between the upper and the 20 moving average is still held.
The pair can keep its upward trend though it sinks below the 20 Moving Average. It can be supported on the bottom band and recover its momentum.
The currency pair EUR/USD showed the moderate falling on Monday. It was the US holiday, Labor Day.
As the US Non-farm Payrolls showed the deteriorated job growth on last Friday, the market participants await ECB's meeting on Thursday. It is expected the ECB may show its schedule about the Pandemic Emergency Purchase Program, PEPP.
It is reported the ECB will start slowing down PEPP in the fourth quarter and may not exhaust the whole 1.85 trillion-euro program before it ends next year.
On Thursday, ECB policy makers will have to decide when to shift the institution away from its crisis mode. The inflation outlook now warrants stepping back stimulus, with inflation jumping to 3 percent, well above the ECB’s goal. The hawks have been very silent during the crisis phase but now as ‘normality’ is coming back, they could try to convince the doves to slow down the pace of asset purchases. More cautious policy makers will try to keep the focus on the uneven nature of the economic recovery and the risks from the delta strain.
The CPI in Eurozone has risen 3 percent recording high in ten years.
European Central Bank (ECB) policymaker Klass Knot signaled that the central bank might start reducing the pace of the PEPP as reported by Reuters.
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