There are two ways of spreading light: to be the candle or the mirror that reflects it.
USD
EUR/USD
The Euro declined to 1.1620 as the prolonged US-Iran conflict weighed on sentiment. Iranian media reported on Sunday that the US had failed to make any concrete concessions in its response to Tehran's latest proposals to end the conflict.
GBP/USD
The Pound Sterling remained under heavy pressure at 1.3315 as political turmoil in the UK weighs heavily on the British Pound.
USD/JPY
The South African Rand weakened to 16.73 as global risk sentiment deteriorated. Ongoing concerns around South Africa’s fiscal outlook, electricity supply issues, and softer commodity sentiment also pressured ZAR.
USD/MUR
The Dollar–Rupee edged higher by 13 cents to 47.9880 (Selling) this morning.
12:30 PM GBP BoE's Mann 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.
