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| EUR/USD four-hour chart, source:FXDD.com |
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 no postion just watching the market.
The one of the major currency pair, EUR/USD began to rise after the long fluctuation. It broke through the flat Bollinger Bands in the four-hour chart.
The 20 Moving Average and the 120 Exponential Moving Average and the price are placed on the regular arrangement. The daily chart also shows the rising price of the euro. It supports the upward trend of the euro.
There was the double-tops pattern in the weekly chart, and the pattern was made and the price prepares to form another pattern after being supported on 1.1220s.
Gjallarhorn thinks it is reasonable to get the bullish bias to the currency pair in the short-and-mid term.
The currency pair EUR/USD rose on Wednesday though the
surging inflation in the United States. As the market diagnosed the inflation
rose in the acceptable range. And the market participants anticipate the hike
of the benchmark interest rate in March.
The pair rose to 1.14xx since last November due to the
risk-on sentiment. It is 1.1439 as of 03:00(GMT) according to the FXDD.com
chart. The Dollar Index tracking the greenback against the currency basket of six
major currencies stepped down 0.72 percent to 94.933 at the end of New York
session.
The U.S. CPI in December recorded high for forty years, the
dollar retreated though. The CPI increased by seven percent compared to last
year. The Federal Reserve said, the U.S. economy grew at a modest pace from
early November to late December.
The Fed Chair Jerom Powell testified at the
parliament and spoke the hawkish statements. His comments were in the market’s
expectation.
The members of the Fed showed the hawkish stance.
James
Bullard, President of the Federal Reserve Bank of St. Louis claimed the
interest hike and anticipated the four times of the hike in this year.
Cleveland Fed President Loretta Mester also said she would
support the Fed to raise rates in March if the economy maintains current
trends.
Fed hinted the tapering size would increase double and be
completed in March early than expected June while the FOMC meeting minutes.
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