Should investors remain cautious about the euro’s performance, as the rebound has not held and resistance remains strong?

Should investors remain cautious about the euro’s performance, as the rebound has not held and resistance remains strong?

04.10.2023

The US dollar emerged as the strongest currency early in the US trading session yesterday. The EUR/USD pair saw little movement but edged lower, falling from 1.0493 to 1.0448 and hitting a new low.Technically, the EUR/USD pair continues its downtrend along the daily 10-day moving average (MA). On the higher timeframe of the weekly chart, the RSI has not yet reached the oversold level of 30 and is holding a buffer around 34, so we will need to closely monitor whether the decline continues.

European currencies saw the euro, which is awaiting remarks from ECB President Lagarde today, temporarily decline against the yen.The EUR/JPY pair fell by approximately 2.6 yen, from 157.216 to 154.535. It briefly dipped below the support line of the weekly 20-day moving average (MA). However, the pair subsequently recovered to around the midpoint at 156.192 and remains above the weekly 20-day MA. Therefore, we will closely monitor the euro’s price movements during European trading hours.

Today’s schedule includes the French Services PMI at 4:50 PM, the German Services PMI at 4:55 PM, the Eurozone Services PMI at 5:00 PM, remarks by ECB President Lagarde, the UK Services PMI at 5:30 PM, the Eurozone Producer Price Index and Eurozone Retail Sales at 6:00 PM,the U.S. MBA Mortgage Applications Index at 8:00 PM, U.S. ADP Employment Report at 9:15 PM, U.S. Services PMI at 10:45 PM, U.S. Manufacturing Orders, U.S. Durable Goods Orders, and U.S. ISM Non-Manufacturing PMI at 11:00 PM, remarks by U.S. Federal Reserve Governor Bowman at 11:25 PM, and U.S. weekly crude oil inventories at 11:30 PM.We will closely monitor the euro’s movements, as the rebound has not held and the currency continues to face resistance at higher levels.

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