Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

08.04.2026

In the previous day’s U.S. currency trading, the U.S. dollar hit its lowest level toward the end of the U.S. trading session.The EUR/USD pair rose from 1.1523 to 1.1604. The 200-period simple moving average (SMA) on the hourly chart acted as a support level, triggering a price rebound. On the 4-hour chart, the price broke significantly above the 200-period SMA that had been acting as resistance, and on the daily chart, the price has moved from below the 20-period moving average to above it. Furthermore, during today’s Asian session, the U.S. dollar weakened further, pushing the pair up to around 1.1693.

Among European currencies, the pound rose against the U.S. dollar. The GBP/USD pair rose from 1.3211 to 1.3299. It rebounded from the -2σ to +2σ levels on the hourly Bollinger Bands. On the 4-hour chart, the RSI rose from 50 to 70. On the daily chart, the pair rebounded, avoiding a new year-to-date low. Furthermore, during today’s Asian trading session, the pound rose further, recovering to levels near last month’s high.

Today’s economic indicators include Japan’s Monthly Labor Survey at 8:30, Japan’s Balance of Payments at 8:50, the RBNZ interest rate decision and statement at 11:00 (NZ time), Japan’s Economic Watchers Survey at 14:00, Germany’s Manufacturing New Orders at 15:00, the UK Construction PMI at 17:30, and Eurozone Retail Sales at 18:00,EU Producer Price Index (PPI), 8:00 PM: US MBA Mortgage Applications Index, 11:30 PM: US Weekly Crude Oil Inventories, 2:00 AM: US 10-Year Treasury Auction, 2:30 AM: Release of US FOMC Minutes, and 2:35 AM: Remarks by US Federal Reserve Governor Waller. We will be watching the upside potential of European currencies that have risen against the US dollar.

Past Market Reports

1. 17.04.2026New

   Will the market wait and see how much further the U.S. dollar can rise against the yen?

2. 16.04.2026New

   Will the weakening Swiss franc recover? Attention is turning to price movements during European trading hours.

3. 15.04.2026New

   Market participants are likely keeping a close eye on the upside potential of the euro, which has risen against the U.S. dollar

4. 14.04.2026New

   Should we keep an eye on remarks by key figures in the U.S. and try to gauge the direction of currency strength?

5. 13.04.2026New

   Market participants are likely watching for signs of a rebound in the Canadian dollar, which fell against the U.S. dollar following the release of employment figures

6. 10.04.2026

   Will the weakening Swiss franc continue to strengthen against the yen, or should we wait and see?

7. 09.04.2026

   Will the U.S. dollar, which has fallen against the yen, continue its downward slide, or should we wait and see how the market moves?

8. 08.04.2026

   Should we keep an eye on the upside for European currencies that have risen against the U.S. dollar?

9. 07.04.2026

   Market participants may be wary of further downside potential for the U.S. dollar, which has weakened amid concerns over the situation in Iran

10. 06.04.2026

    Investors should be wary of sudden spikes in volatility while major markets are closed