All eyes are on whether the euro-dollar pair, currently in a stalemate, will show any clear movement

All eyes are on whether the euro-dollar pair, currently in a stalemate, will show any clear movement

09.03.2023

In the previous session, the U.S. dollar was swayed by remarks made by Federal Reserve Chair Powell during his second day of congressional testimony, leading to a seesaw battle against the euro. The EUR/USD pair traded in a narrow range between 1.0524 and 1.0573, with prices fluctuating sharply, particularly during Powell’s testimony.On the daily chart, the EUR/USD pair appears to be forming a triple top pattern. Currently, the 200-day EMA is acting as support, but if the pair breaks below the 200-day EMA, it could drop into the 1.046 range, so we need to carefully monitor price movements.

Among European currencies, the Swiss franc fell slightly against the strengthening Japanese yen. The CHF/JPY pair dropped by just over 90 pips, from 146.152 to 145.215. On the 4-hour chart, it has formed a lower high.Currently during Asian trading hours, the CHF/JPY pair is trading above the 10-day moving average on the daily chart, and the uptrend line remains intact. However, as the RSI is showing signs of divergence, caution is warranted regarding a potential decline from European trading hours through the weekend.

Today, at 9:30 PM ET, the U.S. Challenger Job Cuts report; at 10:30 PM ET, U.S. initial jobless claims; at 12:00 AM ET, remarks by U.S. Federal Reserve Vice Chair Bar; at 12:30 AM ET, U.S. weekly natural gas inventories; at 3:00 AM ET, the U.S. 30-year Treasury auction;at 3:30 AM, remarks by BOC Senior Deputy Governor Rogers; at 6:30 AM the following day, NZ Manufacturing PMI; and at 6:45 AM, NZ Q4 Manufacturing Sales. I intend to carefully monitor price movements to see if we will see any clear direction in the Euro/USD pair, which is currently in a stalemate.

Past Market Reports

1. 21.04.2026New

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

2. 20.04.2026New

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

3. 17.04.2026New

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

4. 16.04.2026New

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

5. 15.04.2026New

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

6. 14.04.2026

   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

7. 13.04.2026

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

8. 10.04.2026

   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?

9. 09.04.2026

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

10. 08.04.2026

    Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran