Should we keep a close eye on the rising euro?

Should we keep a close eye on the rising euro?

24.04.2024

In yesterday’s U.S. currency markets, the U.S. dollar fell against the euro despite a slight improvement in the Richmond Fed Manufacturing Index, which was released yesterday, rising from -11 the previous month to -7.The EUR/USD pair rose from 1.0638 to 1.0710, breaking above the 200-period simple moving average (SMA) on the hourly chart. A strong uptrend has emerged on the 4-hour chart, with the price breaking above the 75-period SMA with a bullish candle. Since the daily chart has broken above the recent high, we will be watching price action during European trading hours.

European currencies saw the euro strengthen during U.S. trading hours after Germany’s April manufacturing and services PMIs, released yesterday, both rose from the previous month. The euro/yen pair rose from 164.622 to 165.735, marking its third consecutive day of gains.On the 4-hour chart, a band walk along the +2σ line of the Bollinger Bands has been confirmed, and on the daily chart, the RSI remains just below 70, indicating that the upward trend is continuing. We will be watching closely to see if further gains occur during U.S. trading hours.

Today’s economic indicators include: Australia’s Q1 Consumer Price Index at 10:30, Turkey’s Economic Sentiment Index, Capacity Utilization Rate, and Housing Price Index at 16:00, remarks by German Bundesbank President Nagel at 16:00, Germany’s IFO Business Climate Index at 17:00, and the UK’sCBI Business Survey, at 8:00 PM the U.S. MBA Mortgage Applications Index, at 9:30 PM the U.S. MBA Mortgage Applications Index, at 9:30 PM Canadian Retail Sales and U.S. Durable Goods Orders, at 11:30 PM U.S. Weekly Crude Oil Inventories, and at 2:00 AM the U.S. 5-Year Treasury Auction. I intend to closely monitor the trend of the rising euro.

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