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USD
EUR/USD
The Euro retracted to 1.1754 against the US Dollar in cautious trading after US President Donald Trump and Iran dismissed each other’s latest peace proposals aimed at ending the Middle East conflict.
GBP/USD
The Pound Sterling traded near $1.3580, supported by easing UK political concerns and the BoE’s hawkish outlook..
USD/JPY
The South African Rand dipped to 16.4485 versus the US Dollar affected by renewed political uncertainty in South Africa which may continue to drive heightened volatility this week.
USD/MUR
The Dollar–Rupee fell by 10cents to 47.41 (selling) this morning.
6:00 PM USD Existing Home Sales Change (MoM) (Apr)
Technical News – EUR/USD
Double Zig-Zag (WXY) Structure; Larger-Degree Wave X Still Unfolding
Following a peak at $1.2078 on 26 January 2026, EUR/USD has retraced part of its 2025 gains, falling to $1.1411 before recovering toward the $1.17 area.
From an Elliott Wave perspective, the pair appears to have completed wave W and is currently unfolding a larger-degree wave X within a broader double zig-zag corrective structure (WXY). While elements of wave X's internal structure appear relatively mature, the overall corrective phase is still in progress.
The recent recovery toward $1.17 is therefore interpreted as part of this ongoing wave X, rather than the start of a new impulsive sequence. As such, once wave X completes, the pair is expected to transition into wave Y, resuming the broader corrective decline.
In this context, a move lower is anticipated over the coming months. In the near term, an initial downside target is seen at $1.1100, which marks a key support zone defined by the Fibonacci retracement (0.382) and the previous fourth wave of a lesser degree. Further downside extension remains possible as wave Y develops.
On the upside, a sustained break above the $1.20–$1.2078 area would invalidate the current WXY corrective scenario.
