All eyes are on whether the rising euro will maintain its momentum and continue to climb

All eyes are on whether the rising euro will maintain its momentum and continue to climb.

26.04.2024

In U.S. trading hours the previous day, the U.S. dollar weakened against the euro. The EUR/USD pair rose from 1.0678 to 1.0740, rebounding from the 200-period EMA on the hourly chart.On the 4-hour chart, the pair is in an uptrend supported by the 20-period moving average (MA), while on the daily chart, it is trading just below the 20-period MA. We will be watching closely to see if the US dollar’s weakness continues.

European currencies rose, with the euro gaining against the yen after Germany’s May GFK Consumer Confidence Index, released yesterday, improved to -24.2 from -27.4 the previous month.The euro/yen pair extended its gains for the fifth consecutive day, rising from 165.947 to 167.096. On the 4-hour chart, an uptrend is forming along the 10-period moving average (MA), and on the daily chart, a band walk along the +2σ line of the Bollinger Bands has been confirmed.

Today’s economic indicators include the Japan Tokyo Consumer Price Index at 8:30, the Australia Q1 Producer Price Index at 10:30, a press conference by Bank of Japan Governor Ueda at 15:30, the FranceConsumer Confidence Index at 10:45 a.m., remarks by SNB Governor Jordan at 5:00 p.m., Eurozone Money Supply at 5:00 p.m., Mexico Employment Statistics at 9:00 p.m.,Brazil’s Consumer Price Index, 21:30 U.S. Personal Income, U.S. Personal Spending, U.S. PCE Deflator, and 23:00 U.S. University of Michigan Consumer Sentiment Index. We will carefully assess whether the rising euro will maintain its momentum and continue to climb.