FXOpen
The euro is showing mixed dynamics: EUR/USD is consolidating near strategic levels, while EUR/CAD continues its upward movement, supported by Canadian dollar weakness and fluctuations in oil prices. This performance comes amid anticipation of key economic releases: in Europe, the market is focused on PMI and inflation figures, while in the US attention is on private sector employment reports and manufacturing indicators. The threat of a US government shutdown adds uncertainty, heightening investor caution. The direction of further movement will depend on the balance of signals on both sides of the Atlantic: stronger eurozone inflation and softer US data may support the euro, whereas weak European numbers combined with resilient figures from the US/Canada could trigger a deeper correction.
EUR/USD
Last week, EUR/USD found support near 1.1645 and managed to climb back above 1.1700. The bullish momentum observed over three consecutive days has now slowed somewhat. Technical analysis of EUR/USD suggests potential growth towards 1.1780–1.1820, provided 1.1700 holds as support. Should euro sellers succeed in securing a move below 1.1700, the pair might once again test the recent low near 1.1645.
Key events that may influence EUR/USD pricing in the upcoming sessions include:
- Today at 10:55 (GMT+3): Germany Manufacturing PMI
- Today at 12:00 (GMT+3): Speech by Bundesbank representative Mauderer
- Today at 12:00 (GMT+3): Eurozone Consumer Price Index (CPI)
EUR/CAD
After breaking above the 2018 highs near 1.6150, EUR/CAD buyers continue to drive the uptrend. In case of negative euro-related news, the pair might correct back towards the recent extremes around 1.6200–1.6250. The next key resistance levels might be found at 1.6380–1.6400.
Key events that may influence EUR/CAD pricing in the upcoming sessions include:
- Today at 13:00 (GMT+3): OPEC meeting
- Today at 16:30 (GMT+3): Canada Manufacturing PMI
- Today at 16:30 (GMT+3): US Crude Oil Inventories
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
Coinbase (COIN) Shares Fall Amid Bitcoin Weakness
The Coinbase Global (COIN) chart shows that the cryptocurrency exchange’s share price has dropped below:
→ the psychological $300 level,
→ the previous November low.
Bearish sentiment is largely linked to Bitcoin slipping below a key psychological threshold — as noted earlier
Natural Gas Prices Hover Near a Three-Year High
As the XNG/USD chart shows today, natural gas prices are trading close to the March peak, which is the highest level since December 2022.
According to Trading Economics, the rise in gas prices has been driven by several factors:
Pound Strengthens After Weak GDP Data as Markets Assess the Impact of the US Shutdown
The British pound posted a solid advance yesterday, despite UK GDP data coming in weaker than expected. The economy showed virtually no growth, underscoring persistent pressure on domestic demand and the manufacturing sector. However, the market appears to have used