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Will the euro, which has been facing resistance at higher levels, rebound during U.S. trading hours, or should we wait and see?

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Will the euro, which has been facing resistance at higher levels, rebound during U.S. trading hours, or should we wait and see?

18.09.2024

Today's Highlights
  1. UK Retail Price Index
  2. U.S. MBA Mortgage Applications Index

In the U.S. currency market yesterday, the Canadian dollar rose against the yen despite the fact that Canada’s August Consumer Price Index, released yesterday, showed a year-over-year decline from 2.5% the previous month to 2.0%. The CAD/JPY pair rose from 103.260 to 104.767.The price extended just below the 200-period simple moving average (SMA) on the hourly chart. On the 4-hour chart, the price has rebounded from the -2σ level of the Bollinger Bands, and on the daily chart, it has recovered to just below the 10-period moving average (MA).

European currencies saw the euro edge lower against the U.S. dollar after the September ZEW Economic Sentiment Index for the eurozone, released yesterday, fell to 9.3 from 17.9 the previous month.The euro fell against the U.S. dollar from 1.1146 to 1.1109. The price movement crossed the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the price is searching for direction just below the 10-period MA, while on the daily chart, it continues to trade above the 10-period MA.

Today’s schedule includes New Zealand’s current account balance at 7:45, Japan’s machinery orders and trade balance (at nominal value) at 8:50, Australia’s Westpac Leading Index at 9:30, and at 15:00, the UK’sConsumer Price Index, UK Retail Price Index, and UK Producer Price Index; at 17:00, South Africa’s Consumer Price Index; at 18:00, Eurozone Construction Output and Eurozone Consumer Price Index; at 20:00, the U.S. MBA Mortgage Applications Index; at 21:30, U.S.Housing Starts at 21:30, U.S. Weekly Crude Oil Inventories at 23:30, the FOMC policy rate decision and statement at 27:00, and remarks by Fed Chair Powell at 27:30. I’d like to watch the situation carefully to see if the euro, which has been facing resistance on the upside, will recover during U.S. trading hours.

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 focused primarily 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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With the Eurozone HICP unchanged, all eyes are on the future of the euro-yen pair, which has found support at lower levels
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