Should we keep an eye on the euro’s upward momentum as it rebounds?

Should we keep an eye on the euro’s upward momentum as it rebounds?

23.02.2022

In yesterday’s trading, the U.S. dollar came under pressure against Oceania currencies, with the AUD/USD pair rising by about 70 pips from 0.717 to 0.724. Since the AUD/USD pair continues to show a clear upward trend on the hourly chart, with both highs and lows rising, we will assess whether it will extend its gains to the recent high of 0.725 while monitoring commodity prices.

European currencies rallied as the euro rebounded following the announcement of sanctions against Russia by the U.S., the U.K., and the EU, which reduced the risk of an invasion.The EUR/JPY pair rose more sharply than GBP/JPY, climbing approximately 140 pips from 129.36 to 130.77. However, as the EUR/JPY has pulled back slightly on the hourly chart, with its upside capped by the 200-period EMA, we would like to maintain a bearish outlook until it breaks decisively above the recent high of 130.90.

Today, at 16:00 CET, the German GfK Consumer Confidence Survey will be released; at 18:30, remarks by Bank of England Governor Bailey, Deputy Governor Broadbent, MPC member Haskell, and MPC member Tenreiro will be delivered; at 19:00, the Eurozone, and during U.S. trading hours at 21:00, the U.S. MBA Mortgage Applications Index; at 27:00, the U.S. 5-year Treasury auction; and at 29:30, remarks by U.S. Federal Reserve Bank of San Francisco President Daly. We will continue to monitor currency strength and weakness while keeping geopolitical risks in mind.

Past Market Reports

1. 21.04.2026New

   Will interest grow in the upside potential of the Swiss franc, which has risen against the yen?

2. 20.04.2026New

   With the euro-Australian dollar pair hitting new lows this month, attention is turning to how much further it might fall

3. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

4. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

5. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

6. 14.04.2026

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

7. 13.04.2026

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

8. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

9. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

10. 08.04.2026

    Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?