FXOpen
Early in this trading week, the dollar’s rise, likely influenced by Trump’s strong polling figures, has somewhat slowed. Based on technical analysis of major currency pairs, the market appears ready for a correctional pullback. However, the US election results could disrupt current patterns.
EUR/USD
Last week, EUR/USD found support around the 1.0760 level and rose above 1.0900. If buyers can hold the price within the 1.0900–1.0800 range, the upward correction might extend towards 1.1100–1.1000. However, if it dips below October’s low of 1.0760, the pair could decline further to the 1.0680–1.0640 range.
Key events potentially impacting EUR/USD:
- Today at 12:00 (GMT+3:00): Eurozone Services PMI release.
- Today at 17:00 (GMT+3:00): Speech by ECB President Christine Lagarde.
- Today at 18:00 (GMT+3:00): Speech by Deutsche Bundesbank President Joachim Nagel.
GBP/USD
After falling below 1.2900, GBP/USD buyers managed to correct and test the psychological level of 1.3000. The continuation of this uptrend will hinge on the US election results and tomorrow’s Bank of England meeting. Analysts expect a rate cut of 25 basis points, bringing it down from 5.00% to 4.75%. Additionally, a Federal Reserve meeting and Jerome Powell’s press conference are scheduled for tomorrow evening. With a busy news schedule, GBP/USD could either break above 1.3000 or settle below 1.2800.
Key events affecting GBP/USD:
- Tomorrow at 10:00 (GMT+3:00): Halifax House Price Index release in the UK.
- Tomorrow at 15:00 (GMT+3:00): Bank of England rate decision.
- Tomorrow at 21:00 (GMT+3:00): Federal Open Market Committee press conference with Jerome Powell.
Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
UnitedHealth (UNH) Share Price Plummets
UnitedHealth shares crashed by nearly 23% yesterday after the healthcare giant reported weaker-than-expected Q1 2025 results:
→ Earnings per share: actual = $7.20, expected = $7.29
→ Revenue: actual = $109.5bn, expected = $111.5bn
Technical Analysis of UNH Share Chart
As far
Stock Markets Consolidate Ahead of the Holidays
A lull is expected on the financial markets today due to a shortened trading week related to the Easter holiday celebrations.
It is reasonable to assume that traders will get a “breather” after a news-heavy April, which caused a volatile
The Pound and Euro Reach New Yearly Highs
Despite global economic instability and Donald Trump’s tariff policy, the EUR/USD and GBP/USD currency pairs are demonstrating upward momentum, reaching new yearly highs.
Today, market participants are focused on the European Central Bank meeting, where significant statements