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USD
EUR/USD
The Euro crawled lower to 1.1720 against the greenback in Thursday’s early Asian session, supported by hawkish signals from European Central Bank officials.
GBP/USD
The Pound Sterling remains steady against the US Dollar, with GBP/USD hovering around 1.3520 as traders await the UK’s preliminary first-quarter 2026 GDP figures and Industrial and Manufacturing Production data later in the day.
USD/JPY
The South African Rand was firmer at $16.41 with markets focused on U.S. President Trump and China's Xi Jinping meeting for signals on global trade optimism.
USD/MUR
The Dollar–Rupee climbed to 47.5821 (selling) this morning.
11:00 AM EUR Harmonized Index of Consumer Prices (YoY) (Apr)
1:15 PM EUR ECB's President Lagarde speech
4:30 PM USD Initial Jobless Claims
4:30 PM USD Retail Sales (MoM) (Apr)
4:30 PM USD Retail Sales Control Group (Apr)
6:15 PM USD Fed's Schmid speech
7:15 PM GBP BoE's Pill speech
9:00 PM USD Fed's Hammack speech
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.
