Should We Wait and See How Far the Euro-Dollar Pair Will Rise After Three Consecutive Days of Gains?
13.02.2025
- Europe: ECB Monthly Report
- U.S. Producer Price Index
In the U.S. currency market the previous day, the Canadian dollar surged sharply against the yen. The CAD/JPY pair rose from 106.597 to 108.280, forming an uptrend along the 20-period moving average (MA) on the hourly chart.On the 4-hour chart, the price has broken above the 200-period EMA—which had been acting as an upper resistance zone—with a real-body candle, and on the daily chart, it has significantly surpassed this month’s high. We will need to keep a close eye on price movements during U.S. trading hours to see if the Canadian dollar continues to gain strength against the yen.
Among European currencies, the euro strengthened against the U.S. dollar. The EUR/USD pair rose from 1.0317 to 1.0429. On the hourly chart, the candlesticks moved upward from the -3σ to the +3σ levels of the Bollinger Bands.On the 4-hour chart, the pair has risen to a level where it could set a new high for the week. On the daily chart, it is approaching this month’s high and is currently aiming to reach the resistance line at the 75-day moving average.
Today, at 8:50, Japan’s Domestic Corporate Price Index will be released; at 16:00, the UK’s Q4 GDP, UK Industrial Production, UK Manufacturing Output, and Germany’s Consumer Price Index will be released; at 16:30, Switzerland’s Consumer Price Index will be released; and at 18:00, the Eurozone’sECB Monthly Report, at 19:00: Eurozone Industrial Production, at 22:30: U.S. Initial Jobless Claims and U.S. Producer Price Index, at 24:30: U.S. Weekly Natural Gas Inventories, and at 26:00: Germanremarks by Nagel, President of the German Federal Bank, and at 27:00, a U.S. 30-year Treasury auction. I intend to cautiously monitor the upside potential of the euro/dollar pair, which has been rising for three consecutive days.
Author: Keisuke Sakurai
