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Should We Be Wary of Further Downside Potential in the EUR/USD as It Attempts to Hit a New Low Again?

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Should We Be Wary of Further Downside Potential in the EUR/USD as It Attempts to Hit a New Low Again?

21.11.2024

Today's Highlights
  1. UK CBI Business Survey
  2. Manufacturing and Mining Production

In U.S. currency trading the previous day, the U.S. dollar rose against the yen after the MBA Mortgage Applications Index, released yesterday, improved to 1.7% from the previous reading of 0.5%. The USD/JPY pair rose from 154.413 to 155.878, with the rise tracking the 10-period moving average (MA) on the hourly chart.On the 4-hour chart, the 20-period moving average is providing support on the downside, and since the daily chart continues to form higher lows, traders should remain vigilant regarding the currency’s strength or weakness during U.S. trading hours.

Among European currencies, the euro weakened against the U.S. dollar. The euro/dollar exchange rate fell from 1.0609 to 1.0506.The price fell to the -3σ level on the hourly Bollinger Bands. On the 4-hour chart, it is trading below the 20-period moving average, and on the daily chart, it is falling with enough momentum to potentially hit a new low. We will need to monitor whether the euro continues to weaken and watch for signs of strength or weakness during European trading hours.

Today’s schedule includes remarks by Bank of Japan Governor Ueda at 14:10, remarks by RBA Governor Block at 17:00, and at 20:00, the UK’sCBI Business Survey, Turkey’s TCMB policy rate and statement, at 22:30: Canada’s industrial production and raw materials price index, U.S. initial jobless claims, and the U.S. Philadelphia Fed Business Outlook Index, and at 22:45: U.S. Hamack:Remarks by Cleveland Fed President Hammack; at 23:00, UK: Remarks by MPC Member Mann; at 24:00, US: Leading Economic Index; US: Existing Home Sales. We should remain cautious about the downside potential for the EUR/USD pair, which is once again attempting to hit a new low.

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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