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

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

12.07.2023

In yesterday’s U.S. currency markets, the U.S. dollar fell against the euro. The EUR/USD pair rose from 1.0976 to 1.1026, forming an uptrend along the 10-period moving average (MA) on the 4-hour chart. On the higher-timeframe daily chart, the pair has rebounded and is rising, supported by the 75-period MA.Since the recent high of around 1.1094 serves as the next resistance level for EUR/USD, we will monitor the situation closely, considering today’s economic data releases, to see if the rally continues up to that level.

Among European currencies, the euro fell by about 1.5 yen against the yen. The EUR/JPY pair dropped from 155.676 to 154.174.The downward trend continued during today’s Asian session, with the pair touching 153.722. It has fallen below the daily 20-day moving average (MA) for two consecutive days. However, since the euro/yen pair had a larger upward move compared to other yen crosses, it remains above the weekly 10-day MA. Consequently, the decline could be more significant if the yen strengthens further, so caution is advised regarding economic data releases during European trading hours.

Today’s schedule includes the release of the Bank of England’s Financial Stability Report at 3:00 PM, remarks by Bank of England Governor Bailey at 5:00 PM, the U.S. MBA Mortgage Applications Index at 8:00 PM, the U.S. Consumer Price Index at 9:30 PM, remarks by U.S. Federal Reserve Bank of Richmond President Barkin, and remarks by U.S. Federal Reserve Bank of Minneapolis President Kashkari at 10:45 PM.Minneapolis Fed President’s remarks, 11:00 PM: Canada’s BOC policy rate and statement release, 11:30 PM: US weekly crude oil inventories, 12:00 AM: Canada’s BOC Governor Macklem’s remarks, 2:00 AM: US 10-year Treasury auction, US Atlanta Fed President Bostic’s remarks, and 3:00 AM: US Beige Book.We intend to cautiously monitor the upside potential of the euro, which is rising against the U.S. dollar.

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