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Will the Euro/USD, which has fallen, rebound? Keep an eye on the direction of the market.

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Will the Euro/USD, which has fallen, rebound? Keep an eye on the direction.

19.04.2024

Today's Highlights
  1. Germany's Consumer Price Index
  2. Japan: Consumer Price Index

In the U.S. currency market yesterday, the U.S. dollar faced upward pressure as the U.S. March Leading Economic Index, released yesterday, deteriorated to -0.3% from 0.1% the previous month. The USD/JPY pair rose from 153.963 to 154.667 before plummeting.It fell as low as 153.589. The USD/JPY pair found support just below the 200-period EMA on the hourly chart and is now locked in a battle around the 20-period MA on the 4-hour chart. On the daily chart, it remains above the 10-period MA, and with no particular divergence visible, traders should watch for a continued upward trend.

European currencies fell as the euro weakened against the U.S. dollar following yesterday’s release of the seasonally adjusted European current account balance for February, which came in at 29.5 billion euros, down from 39.4 billion euros the previous month.The EUR/USD pair fell from 1.0689 to 1.0641, breaking below the 20-period moving average on the hourly chart. On the 4-hour chart, the RSI is in an uptrend but has not yet formed higher highs, while on the daily chart, the RSI stands at 34. We will need to monitor price action during U.S. trading hours to see if the euro’s decline continues.

Today’s economic indicators include Japan’s Consumer Price Index at 8:30, Malaysia’s trade balance at 13:00,UK Retail Sales and Germany’s Producer Price Index at 15:00, remarks by UK BOE Deputy Governor Ramsden and UK BOE Deputy Governor Breeden at 23:15, remarks by Chicago Fed President Goolsbee:Chicago Fed President, at 25:30: UK MPC Member Mann’s remarks, and at 28:00: German Bundesbank President Nagel’s remarks. Keep an eye on the direction of the EUR/USD pair to see if it will rebound from its recent decline.

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 with a particular focus 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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