Keep an eye on the conflicting trends in the euro-dollar exchange rate

Keep an eye on the conflicting trends in the euro-dollar exchange rate

16.09.2024

Last weekend, the U.S. dollar saw a seesaw battle against the euro.The EUR/USD pair traded in a tight range between 1.1067 and 1.1102. On the hourly chart, the pair moved across the 20-period moving average (MA), while on the 4-hour chart, it stalled near the +2σ level of the Bollinger Bands. On the daily chart, the pair has shifted from below the 20-period MA to above it, and with the RSI rising from the midpoint of 50, it will be worth watching whether the euro will rise against the US dollar.

Among European currencies, the pound fell against the yen. The GBP/JPY pair dropped from 186.180 to 184.412. The decline was driven by resistance at the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the pair rebounded after touching the 20-period MA, while the daily chart shows a band walk along the -2σ line of the Bollinger Bands. We will need to monitor price movements during European trading hours to see if the pound continues to decline against the yen.

Today’s economic indicators include the UK Rightmove House Price Index at 8:01, India’s Wholesale Price Index and Switzerland’s Producer Price Index at 15:30, the Eurozone Trade Balance at 18:00, Canada’s Manufacturing Production at 21:30, the US New York Fed Manufacturing Index at 21:30, and Canada’s Existing Home Sales at 22:00.We want to carefully assess the direction of the Euro/USD pair, which is currently in a tight range.

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