Today's 5-wave move in the EUR/USD from 1.3607 was in 5-waves, which suggests the broader uptrend could still be healthy.

Derek Frey provides weekly market commentary on currencies for the week of July 30.

Today’s rebound in the financial markets has everyone hoping that we have hit a bottom. Stocks, carry trades and bond yields are all up sharply, but given the strong selling that we saw last week, a recovery is hardly surprising.

Canadian dollar markets may post particularly strong reactions to upcoming Gross Domestic Product data, as all asset classes stand near key technical levels ahead of the release.

In order to curb lending practices and looser monetary liquidity, China’s government has increased the reserve requirement for banks by 50 basis points this weekend.

The US dollar lost ground in early-week trade, with a modest return to risk appetite leading it lower against the Euro and other major counterparts.

Currency technical analyst Jamie Saettele analyzes the euro against the Japanese yen, Swiss franc, and British pound.

The next level of potential support is the April 19 low at 117.60.

The EUR/USD bounced back as the week began driven higher primarily by the rebound in EUR/JPY which rose nearly 200 points off the session lows as risk appetite and demand for carry trades returned across the board.

Currency strategist Boris Schlossberg analyzes the major currencies for the week of July 30.