Should we focus on the upside potential of the euro, which is rebounding?

Should we focus on the upside potential of the euro, which is rebounding?

03.04.2024

In the previous day’s U.S. currency trading, the U.S. dollar weakened against the euro after the U.S. February durable goods orders, released yesterday, fell by 0.1 percentage points to 1.3% from the previous month’s 1.4%. The EUR/USD pair rose from 1.0724 to 1.0778, marking its first daily bullish candle in six days.On the 4-hour chart, the EUR/USD pair is attempting to rise from just below the 20-day moving average, so we should watch for any signs of the US dollar losing momentum during European trading hours.

Despite the preliminary March consumer price index (CPI) for Germany, released yesterday, showing a year-over-year decline from 2.5% in the previous month to 2.2%, the euro strengthened against the yen. The EUR/JPY pair rose from 162.623 to 163.377. The 200-period simple moving average (SMA) on the 4-hour chart acted as a support level.On the daily chart, the pair has rebounded from the 20-day moving average, so it will be worth watching whether the euro extends its gains into U.S. trading hours.

Today’s economic indicators include the China Caixin Services PMI at 10:45, France’s budget balance at 15:45,at 4:00 PM: Turkey’s Consumer Price Index and Producer Price Index; at 6:00 PM: Eurozone’s Consumer Price Index and Unemployment Rate; at 8:00 PM: U.S. MBA Mortgage Applications; at 9:15 PM: U.S. ADP National Employment Report; at 9:30 PM: Remarks by U.S. Atlanta Fed President Bostic; at 10:45 PM: U.S. Services PMI;US: Remarks by Federal Reserve Governor Bowman; 11:00 PM: US ISM Non-Manufacturing PMI; 11:30 PM: US Weekly Crude Oil Inventories; 1:00 AM: US: Remarks by Chicago Fed President Goolsbee; 1:10 AM: US: Remarks by Federal Reserve Chair Powell. We will closely monitor the upside potential of the euro, which is rebounding.

Past Market Reports

1. 17.04.2026New

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

2. 16.04.2026New

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

3. 15.04.2026New

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

4. 14.04.2026New

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

5. 13.04.2026New

   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

6. 10.04.2026

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

7. 09.04.2026

   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?

8. 08.04.2026

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

9. 07.04.2026

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

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed