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Should We Keep an Eye on the Upside Potential of European Currencies That Have Risen Against the U.S. Dollar?

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Should We Keep an Eye on the Upside Potential of European Currencies That Have Risen Against the U.S. Dollar?

08.04.2026

Today's Highlights
  1. New Orders in Germany's Manufacturing Sector
  2. New Zealand: RBNZ Policy Rate and Statement Release

In the U.S. currency market the previous day, the U.S. dollar hit its weakest level toward the end of the U.S. trading session. The EUR/USD pair rose from 1.1523 to 1.1604. The 200-period SMA on the hourly chart acted as a support level, triggering a price rebound.On the 4-hour chart, the price has broken significantly above the 200 SMA that had been acting as resistance, and on the daily chart, it has moved from below the 20 MA to above it. Furthermore, during today’s Asian trading session, the U.S. dollar weakened further, allowing the pair to rise 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 the +2σ levels of the hourly Bollinger Bands.On the 4-hour chart, the RSI rose from 50 to 70. On the daily chart, the price 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 policy rate and statement at 11:00 (NZ time), Japan’s Economic Watchers Survey at 14:00, and at 15:00, Germany’sNew Manufacturing Orders at 14:00, UK Construction PMI at 17:30, Eurozone Retail Sales and Eurozone Producer Price Index (PPI) at 18:00,8:00 PM: U.S. MBA Mortgage Applications Index; 11:30 PM: U.S. Weekly Crude Oil Inventories; 2:00 AM: U.S. 10-Year Treasury Auction; 2:30 AM: Release of U.S. FOMC Minutes; 2:35 AM: Remarks by U.S. Federal Reserve Governor Waller.We will be watching the upside potential of European currencies, which have risen against the U.S. dollar.

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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