2026-10-23 Readings lean bearish
EUR/USD drifts lower as four-hour downtrend holds steady near 1.12152
The euro is trading slightly lower against the US dollar today. The pair is stuck in a short-term range but faces broader downward pressure. The trading engine currently shows no open signals.
Trend and momentum
The four-hour market structure points down, while the one-hour chart shows ranging conditions. Momentum is slightly weak, with the one-hour RSI at 46.47 and the four-hour RSI at 47.96. Price action remains inside the hourly Bollinger Bands without a squeeze. Volatility is low so far, with only 26 percent of the average daily range used today.
Key levels
Key levels to watch include yesterday's high at 1.12560 and low at 1.11885. The recent four-hour range spans from 1.11827 to 1.12695. Last week's extremes sit at 1.12695 for the high and 1.11129 for the low. A break above 1.12695 could signal a shift in the four-hour trend, while a drop below 1.11827 opens the door to test last week's low.
News and events this week
This week features important economic data for both currencies. Traders are watching the flash Eurozone and US PMI data scheduled for Friday, October 23 (Euro gives up early gains amid higher oil prices, French fiscal risks). Earlier in the week, the US Conference Board Leading Economic Index for September was reported flat (The Conference Board Leading Economic Index® (LEI) for the US Was Flat in September). Markets are also looking ahead to monetary policy announcements from the European Central Bank and the Federal Reserve next week (Euro gives up early gains amid higher oil prices, French fiscal risks).
What would push it higher
The pair could rise if buyers step in to break above yesterday's high. This would require a shift in momentum and stronger euro demand.
What would push it lower
The pair could fall further if sellers push the price below yesterday's low. Continued weakness in the euro against the dollar would support this move.
The engine has no open signal on this pair. Today's signals →