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Will the euro’s recent strength continue? All eyes are on its direction.

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Will the euro’s recent strength continue? All eyes are on its direction.

28.03.2023

Today's Highlights
  1. Remarks by Bank of England Governor Bailey
  2. Richmond Fed Manufacturing Index (U.S.)

In the previous day’s U.S. currency trading, the U.S. dollar weakened against the euro, and the EUR/USD pair rose slightly from 1.0745 to 1.0819.On the 4-hour chart, the EUR/USD pair is rebounding after finding support at the 75-period moving average (MA). On the daily chart, the pair is rebounding after forming a triple bottom with the 200-period exponential moving average (EMA) acting as support; therefore, we should watch to see if the US dollar’s decline will continue for a while.

The euro rose against the yen after Germany’s March IFO Business Climate Index, released yesterday, rose to 93.3 from 91.1 the previous month. The euro/yen pair rose from 140.535 to 142.213, breaking above the 200-period SMA on the hourly chart.On the 4-hour chart, the EUR/JPY pair appears to be forming a double bottom, having found support at lower levels. On the higher-time-frame daily chart, the pair is locked in a battle just below the 200 EMA, so we will be watching currency strength and weakness during U.S. trading hours.

Today’s schedule includes remarks by Bank of England Governor Bailey at 17:45, remarks by Bank of England Deputy Governor Ramsden at 17:45, U.S. wholesale inventories at 21:30, remarks by ECB President Lagarde at 22:00, and remarks by GermanNagle, President of the German Bundesbank, and the U.S. S&P/Case-Shiller Home Price Index; at 11:00 p.m., the U.S. Consumer Confidence Index and the U.S. Richmond Fed Manufacturing Index, along with remarks by U.S. Federal Reserve Vice Chair Barr; and at 2:00 a.m., a U.S. 5-year Treasury note auction.We will be watching to see if the euro’s recent strength continues and what direction the market takes.

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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