Patience is bitter, but its fruit is sweet.
USD
EUR/USD
The Euro retracted to $1.1725 as US–Iran news weighs on the dollar; a new Iranian proposal via mediators lifts hopes for renewed talks.
GBP/USD
The Pound Sterling climbed to 1.3590 versus the greenback, supported by expectations the Bank of England may still lean hawkish due to persistent inflation.
USD/JPY
The South African rand rose to $16.60 as improving risk sentiment and inflows into emerging markets supported the currency.
USD/MUR
The Dollar–Rupee fell to 47.45 (selling) this morning.
11:45 AM EUR HCOB Manufacturing PMI (Apr)
11:55 AM EUR HCOB Manufacturing PMI (Apr)
12:30 PM EUR Sentix Investor Confidence (May)
3:30 PM EUR ECB's Cipollone speech
6:00 PM USD Factory Orders (MoM) (Mar)
8:50 PM USD Fed's Williams speech
9:05 PM EUR ECB's Nagel speech
10:00 PM USD Loan Officer Survey (Q1)
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.
