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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Dollar in the Correction 2021 1014
Hello, Gjallarhorn. The reports from Gjallarhorn are produced by a trader, not by an analyst. The reports are provided to the investors showing the trader's view on the market.
Gjallarhorn has the short bias on the euro.
The one of the major currency pair, EUR/USD touched 1.1660s but retreated below 1.16. The currency pair exceeded 20 Moving Average once but it fell under the 20 MA and reached the bottom band of Bolligner Bands in the four-hour chart Tuesday. The pair fluctuate between the bottom band and the 20MA as Wednesday began.
The current price band of the pair has been the resistance against the euro in mid October, and it is expected to support the euro this time. But it is likely broken soon.
The euro fluctuates in the Bollinger Bands in the one-hour chart.
It seems the pair to keep the bearish trend in short term and mid term.
As the market participants still expect the hawkish Federal Reserve, the dollar advanced on Tuesday. And the better economy index helped the greenback. The CB Consumer Confidence released at 14:00(GMT), Tuesday was 113.8 better than the expected 108.4 and the previous 109.8. The retreating dollar turned its direction upward.
The Dollar Index is traded 0.1 percent lower at 93.892 as the day begins at 06:30(GMT).
But it is reported the investors awaited the ECB's and the Bank of Japan's monetary policy which are planned to be released on Thursday, respectively. It is expected the BOJ's policy will be frozen. But the investors watch the ECB's policy, whether it will keep the policy unchanged or will do anything against the inflation risk. Although the ECB is widely expected to leave its key rates unchanged on Thursday, President Christine Lagarde could battle against the market pricing of a 10 basis points rate hike by next summer. Moreover, the worsening economic outlook in the euro area is likely to cause ECB policymakers to keep a dovish tone.
The investors expect to get some hints about the ECB's tapering and the expiration of quantitative easing.
And the Federal Reserve has now gone into a blackout period ahead of next week’s policy-setting meeting, and ahead of this traders are focusing on the release of a series of important data releases.
It is reported that any signal of the tapering by ECB affects the bond yield of some Europe countries.
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