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Should We Watch for a Pullback in the Euro/Dollar Pair?

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Should We Keep an Eye on a Potential Pullback in the Euro/Dollar Pair?

18.10.2021

Today's Highlights
  1. Canada: Housing Starts
  2. U.S. Capacity Utilization Rate

Last weekend, the three major U.S. stock indices all extended their gains, with the S&P 500 closing at 4,471 points, up 0.75% from the previous day. The yield on the 10-year U.S. Treasury note has risen again to 1.60%.WTI crude oil prices have also surged and are currently trading in the $82.8 range. Gold has faced resistance as the U.S. dollar strengthens and has fallen to the $1,767 range.

In the foreign exchange market, the U.S. dollar continues to rise. The EUR/USD pair has paused its rebound from last week and is currently testing lower levels around 1.158. From a technical perspective, the EUR/USD is trading above the 200-period simple moving average (SMA) on the hourly chart, and we need to carefully assess whether the support level around 1.157 will hold.

Today’s schedule includes remarks by U.S. Federal Reserve Vice Chair Quarles at 18:30, Turkey’s Housing Price Index at 20:30, Canada’s Housing Starts at 21:15, Canada’s International Securities Turnover at 21:30,at 10:15 p.m., U.S. industrial production and capacity utilization; at 11:00 p.m., the U.S. NAHB Housing Market Index; at 11:30 p.m., remarks by Bank of England Deputy Governor Kanrif; and at 12:40 a.m., remarks by Bank of Canada Deputy Governor Lane.We will carefully monitor price movements at the start of the week while comparing currency strength.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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