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USD
EUR/USD
The Euro nosedived to $1.1645 as surging US inflation, linked to Middle East tensions, reinforces expectations that the FED will keep interest rates higher for longer or potentially hike them.
GBP/USD
The Pound Sterling came under pressure at $1.3359 after a senior UK minister resigned, increasing concerns over Prime Minister Keir Starmer’s leadership stability.
USD/JPY
The South African Rand fell to 16.59 versus the greenback amid cautious market sentiment, with trading eyes on international summits and policy meetings.
USD/MUR
The Dollar–Rupee edged higher by 27 cents to 47.85 (Selling) this morning.
12:00 PM EUR Consumer Price Index (EU Norm) (YoY) (Apr)
4:30 PM USD NY Empire State Manufacturing Index (May)
5:15 PM USD Industrial Production (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.
