Should we keep an eye on the upside potential of the euro, which continues to rise?

Should we keep an eye on the upside potential of the euro, which continues to rise?

29.05.2024

In yesterday’s U.S. currency trading, the U.S. dollar faced resistance at higher levels throughout the day. GBP/USD rose from 1.2762 to 1.2800, supported by the 20-period moving average on the hourly chart. On the 4-hour chart, the pair is trading along the +2σ line of the Bollinger Bands. The daily chart shows a similar trend, and with the RSI hovering just below 70, traders should be on the lookout for a pullback during European trading hours.

European currencies rose against the yen as Germany’s April wholesale price index, released yesterday, improved year-on-year from -3.0% in the previous month to -1.8%.The EUR/JPY pair rose from 170.169 to 170.797, moving above the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, a band walk along the +2σ line of the Bollinger Bands has been confirmed, and on the daily chart, prices are trading above the 10-period MA; therefore, we will be watching for further gains during European trading hours.

Today’s schedule includes the Australian Westpac Leading Index at 9:30, the New Zealand Business Confidence Index at 10:00, the Australian Consumer Price Index at 10:30, the Japanese Consumer Sentiment Index at 14:00, the German GfK Consumer Confidence Index and Swedish Retail Sales at 15:00, the French Consumer Confidence Index at 15:45, and the Eurozone Money Supply at 17:00,at 8:00 PM the U.S. MBA Mortgage Applications Index, at 8:30 PM Brazil’s Fiscal Balance, at 8:30 PM India’s Money Supply, at 9:00 PM Germany’s Consumer Price Index and Brazil’s Employment Statistics, at 11:00 PM the U.S. Richmond Fed Manufacturing Index, and at 3:00 AM the U.S. Federal Reserve Beige Book.We will closely monitor the upside potential of the euro, which continues to rise.

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