Will the euro regain strength following the ECB announcement? Keep an eye on price movements around the time of the announcement.

Will the euro regain strength following the ECB announcement? Keep an eye on price movements around the time of the release.

24.07.2025

In the U.S. currency market yesterday, the U.S. dollar continued to fall against the euro. The EUR/USD pair rose from 1.1711 to 1.1775. It surged from the -3σ to the +3σ levels on the hourly Bollinger Bands.On the 4-hour chart, the upward trend continues, supported by the 20-period moving average (MA), and on the daily chart, the pair has risen for four consecutive days. The candlestick, which had briefly dipped below the 20-MA, has since recovered. We will be watching closely to see if the U.S. dollar continues to weaken during today’s U.S. trading session.

European currencies saw the euro fluctuate against the yen after the preliminary July consumer confidence index for the eurozone, released yesterday, improved to -14.7 from -15.3 the previous month.The EUR/JPY pair traded between 171.377 and 172.736. Price action lacked direction near the 200-period SMA on the hourly chart. Meanwhile, on the daily chart, the band walk along the +2σ line of the Bollinger Bands appears to be breaking down.

Today’s schedule includes remarks by RBA Governor Block of Australia at 12:05, the German GfK Consumer Confidence Survey at 15:00, and the German Manufacturing/Non-Manufacturing PMI at 16:30, the Eurozone Manufacturing/Service Sector PMIs at 17:00, the UK Manufacturing/Service Sector PMIs at 17:30, the ECB policy rate decision and statement at 21:15, U.S. initial jobless claims and Canadian retail sales at 21:30,at 21:45, the ECB President Lagarde’s press conference; at 22:45, U.S. PMI; at 23:00, U.S. new home sales; and at 8:01 the following day, the UK GfK Consumer Confidence Survey.We’ll need to pay close attention to price movements around the release of these indicators to see if the euro regains strength following today’s ECB meeting.