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USD
EUR/USD
The Euro remained under slight pressure at $1.1655 ahead of the ECB meeting this afternoon, where policymakers are expected to keep rates unchanged today while signaling a likely hike in June as energy-driven inflation continues.
GBP/USD
The Pound Sterling slipped to $1.3460 as sentiment stayed fragile, with rising energy-driven inflation and recession risks linked to the Iran conflict weighing on the outlook, while the BoE is widely expected to keep rates on hold this afternoon.
USD/JPY
The South African rand lost ground $16.8880 driven mainly by global risk aversion and higher oil prices, being negative for South Africa as a net importer, widening trade and inflation risks.
USD/MUR
The Dollar–Rupee is trading 21 cents higher at 47.48 (selling) this morning.
10:00 AM EUR Retail Sales (YoY) (Mar)
10:45 AM EUR Consumer Price Index (EU norm) (YoY) (Apr) Prel
11:55 AM EUR Unemployment Change (Mar)
12:00 PM EUR Gross Domestic Product (QoQ) (Q1) Prel
1:00 PM EUR Core Harmonized Index of Consumer Prices (MoM) (Apr) Prel
1:00 PM EUR Core Harmonized Index of Consumer Prices (YoY) (Apr) Prel
1:00 PM EUR Gross Domestic Product s.a. (QoQ) (Q1) Prel
1:00 PM EUR Gross Domestic Product s.a. (YoY) (Q1) Prel
1:00 PM EUR Harmonized Index of Consumer Prices (MoM) (Apr) Prel
1:00 PM EUR Harmonized Index of Consumer Prices (YoY) (Apr) Prel
1:00 PM EUR Consumer Price Index (EU Norm) (YoY) (Apr) Prel
3:00 PM GBP BoE Interest Rate Decision
3:00 PM GBP BoE Minutes
3:00 PM GBP BoE Monetary Policy Report
4:15 PM EUR ECB Main Refinancing Operations Rate
4:15 PM EUR ECB Monetary Policy Statement
4:15 PM EUR ECB Rate On Deposit Facility
4:30 PM USD Core Personal Consumption Expenditures - Price Index (MoM) (Mar)
4:30 PM USD Gross Domestic Product Annualized (Q1) Prel
4:30 PM USD Initial Jobless Claims
4:30 PM USD Personal Consumption Expenditures - Price Index (MoM) (Mar)
4:45 PM EUR ECB Press Conference
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.
