Will the rising euro continue to surge on its own, or should we wait and see which direction it takes?

Will the rising euro continue to surge on its own, or should we wait and see which direction it takes?

20.10.2023

In the U.S. currency market yesterday, the dollar faced resistance as the September existing home sales figure, released yesterday, fell to 3.96 million from 4.04 million the previous month, resulting in a lack of direction throughout the session.The EUR/USD pair rose from 1.0529 to 1.0616 but stalled just short of the 200-period SMA on the 4-hour chart. From a technical perspective, the EUR/USD is showing signs of higher lows on the daily chart, so we will be watching closely to see if the euro strengthens against the dollar over the weekend.

European currencies rose against the yen as the euro strengthened following yesterday’s release of the EU’s August current account balance, which improved to €27.7 billion from €20.9 billion the previous month.The EUR/JPY pair rose from 157.685 to 158.926. The daily 20-day moving average (MA) acted as support, triggering a rebound. Additionally, the daily 75-day MA is also functioning as a support line, so it will be worth watching whether the euro continues to rise against the yen this Friday.

Today’s schedule includes UK retail sales at 3:00 PM, Germany’s producer price index and Sweden’s unemployment rate at 3:35 PM, remarks by Bank of Japan Governor Ueda at 4:00 PM, Turkey’s consumer price index at 5:30 PM, Hong Kong’s consumer price index at 7:30 PM, India’s foreign exchange reserves at 8:30 PM, Mexico’s retail sales at 9:00 PM,at 9:30 PM: Canadian retail sales; at 10:00 PM: remarks by Harker, President of the Philadelphia Fed; at 11:30 PM: Turkish central government debt; and at 1:15 AM: remarks by Mester, President of the Cleveland Fed. I want to wait and see if the rising euro will continue to strengthen on its own.

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