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| EUR/USD four-hour chart, source:FXDD.com |
cf. [EUR] Still Bullish Euro 2021 0123
cf. [EUR] Rebounding Euro 2021 0120
Gjallarhorn keeps the long position of the euro in the futures market.
The currency pair EUR/USD fluctuated in Bollinger Bands, and it tries to exceed the 120 EMA in the four-hour chart. It retreated on Monday, it succeeded to rebound from the support line though.
The currency pair has formed the gradual double-bottoms pattern and tries to break through the 120 EMA fluctuating it in the four-hour chart.
It seems to move up and down in the sidling Bollinger Bands in the four-hour chart.
The euro fell due to the risk-averse sentiment on Monday. The concern about the economy-recovery delaying due to the re-proliferation of the coronavirus supported the greenback.
The economy growth in Eurozone seems not to recover soon. And the lockdown against the re-proliferation is strengthened, it made the investors to concern the double dip in Europe.
The German Ifo Business Climate released on Monday was 90.1, worse than expected 91.9. Previous index was 92.2.
The U.S. Flash Manufacturing PMI was 59.1 which was expected 56.6 and previous 57.1 according to ForexFactory.com. But German Flash Manufacturing PMI was 57.0 worse than expected 57.3 and previous 58.3.
And the investors also watch the injection case of the vaccine. Because the distribution and injection of the anti-corona virus vaccine is not satisfactory, and it makes some countries in Euro zone extend the lockdown.
And the market participants wait for the FOMC meeting. FOMC releases its benchmark interest rate and FOMC statement after the meeting in the afternoon Wednesday, and the press conference is held.
It is anticipated that Fed will hold its monetary policy, and the market watches the possible tapering of Quantitative Easing. Because the U.S. inflation rises than expected.
But the market participants hold the bearish dollar in the year.
The news medias reported net dollar short positions swelling to the largest since May 2011 citing analysts' comments on last Friday.
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