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Should We Keep an Eye on the Euro's Uptrend, Which Is Facing Resistance?

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Should We Keep an Eye on the Euro's Uptrend, Which Is Facing Resistance?

24.03.2022

Today's Highlights
  1. Bostic (U.S.): Remarks by the President of the Atlanta Federal Reserve Bank
  2. PMI (Preliminary Figures) for Major European and U.S. Countries

In the U.S. currency market the previous day, while cross-yen pairs generally fell, the USD/JPY pair showed resilience, declining only slightly from 121.41 to 120.58. It recovered to 121.26 during today’s Asian trading session.Meanwhile, U.S. new home sales figures released yesterday showed a decline for the second consecutive month, falling from 801,000 units the previous month to 772,000 units. However, the median sales price rose by approximately 10%.

Among European currencies against the yen, the weakness of the euro/yen pair—which has shown the least resilience—is particularly noticeable. After falling approximately 150 pips from 133.89 to 132.32, the euro/yen pair has shown weaker resilience compared to other yen crosses.The euro/yen is currently trading around 133.20, but since 133.89 coincides with a resistance line on the daily chart, we need to assess whether the pair will consolidate in this higher price range.

Today, during European trading hours, the French Manufacturing/Services PMI (flash estimate) will be released at 17:15, the German Manufacturing/Services PMI (flash estimate) at 17:30, the Eurozone Manufacturing/Services PMI (flash estimate) at 18:00, and the UKManufacturing/Services PMI (flash estimates), and—once U.S. trading hours begin—U.S. Initial Jobless Claims and U.S. Durable Goods Orders at 21:30, remarks by Fed Governor Waller at 22:10, U.S. Manufacturing/Services PMI (flash estimates) at 22:45, andand at 24:00, remarks by U.S. Federal Reserve Governor Waller. While keeping an eye on the PMI releases from various countries, we should also pay close attention to the euro’s movements.

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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