Will the U.S. dollar, which has been weakening against the euro, recover? All eyes are on price movements during European trading hours.

Will the U.S. dollar, which has been weakening against the euro, recover? All eyes are on price movements during European trading hours.

03.12.2025

In yesterday's U.S. currency markets, the U.S. dollar fell against the euro. The EUR/USD pair rose from 1.1591 to 1.1625. On the hourly chart, the price moved from below the 20-period moving average (MA) to above it. On the 4-hour chart, the 200-period simple moving average (SMA) provided support, and after retesting it, the closing price turned upward. On the daily chart, the double bottom formation that began last month has been completed. The price has recovered to a level where it is attempting to break above the resistance line.

Despite the fact that the unemployment rate in the EU’s October employment statistics, released yesterday, worsened by 0.1 percentage points from the previous month’s 6.3% to 6.4%, the euro rose against the yen.The EUR/JPY pair rose from 180.378 to 181.351, hitting a new high along the 20-period moving average (MA) on the hourly chart. On the 4-hour chart, the 75-period MA is acting as a support level, leading to a rebound, and on the daily chart, the uptrend above the 10-period MA remains intact.

Today’s schedule includes remarks by RBA Governor Block at 7:00 AM, Australia’s real GDP at 9:30 AM, Germany’s non-manufacturing PMI at 5:55 PM, the Eurozone’s services PMI at 6:00 PM, the UK’s services PMI at 6:30 PM, the Eurozone’s producer price index at 7:00 PM, the U.S. MBA mortgage applications index at 9:00 PM,at 10:15 PM, U.S. ADP Employment Report; at 10:30 PM, U.S. Import Price Index, Canadian Labor Productivity, and remarks by ECB President Lagarde; at 11:15 PM, U.S. Industrial Production; at 11:45 PM, U.S. PMI Purchasing Managers’ Index; at 12:00 AM, U.S. ISM Non-Manufacturing Index; and at 12:30 AM, U.S. Weekly Crude Oil Inventories.We will be watching price movements during European trading hours to see if the US dollar, which has been weakening against the euro, will show signs of recovery.