Should we keep an eye on the movement of the euro against the dollar?

Should we keep an eye on the movement of the euro against the dollar?

20.04.2022

In the U.S. currency market yesterday, the Dollar Index rose above 101, making the dollar the strongest currency. The EUR/USD pair traded in a narrow range but fell from 1.082 to 1.076. However, it rebounded during today’s Asian trading session and has recovered to 1.081. Since the EUR/USD has broken above the 20-period moving average on the 4-hour chart, traders should watch for a potential rebound.

European currencies showed a slight downward trend against the Oceania currencies, with the EUR/AUD falling by about 110 pips from 1.467 to 1.455. Since the EUR/AUD is declining while being capped by the 20-day moving average on the daily chart, we will be watching closely to see if this gradual decline continues.

Today’s schedule includes: at 18:00 CET, Eurozone industrial production and trade balance; at 20:00 CET, the U.S. MBA mortgage applications index; at 21:30 ET, remarks by German Bundesbank President Nagel, the Canadian Consumer Price Index, and the Canadian House Price Index; at 23:00 ET, U.S. existing home sales and weekly crude oil inventories; and the U.S. Daily:Remarks by the President of the San Francisco Fed, at 00:30: Remarks by Evans, President of the Chicago Fed, and at 02:00: Remarks by Bostic, President of the Atlanta Fed. We will be watching the euro’s movements against the U.S. dollar.