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Will the euro-pound exchange rate trend downward?

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Will the euro-pound exchange rate trend downward?

08.04.2022

Today's Highlights
  1. Employment and Unemployment Rates
  2. U.S. Wholesale Inventories (Final Figures)

In the previous day’s trading, the U.S. dollar was in a stalemate against European currencies, with the EUR/USD trading in a range between 1.086 and 1.093. However, during today’s Asian trading session, the EUR/USD broke below yesterday’s low of 1.086.Since the upward channel on the daily chart for the EUR/USD has already broken down, we will be closely monitoring whether the pair will move toward the recent low of 1.080.

Due to the prolonged situation in Ukraine, the euro continues to face resistance, and the EUR/GBP pair fell from 0.836 to 0.831.Since the EUR/GBP pair remains within a downtrend on longer-term time frames (daily and above), we need to closely monitor whether the decline will continue and target the recent support level at 0.829.

There are no major economic indicators scheduled for release during European trading hours today. However, once U.S. trading begins, Canada’s unemployment rate and net change in employment are set to be released at 21:30, followed by the U.S. wholesale inventories (final reading) at 23:00. With no major economic indicators or key speeches on the horizon, we will monitor currency strength and weakness while remaining vigilant for any significant price 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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