The most-traded pair in the world, and a read on the Eurozone-versus-US growth and rate story.
EUR/USD, the euro priced in US dollars, is the single most-traded currency pair in the world, regularly accounting for close to a quarter of all global foreign exchange turnover. It pairs the currency of the 20-nation eurozone against the dollar, so it moves on the relative strength of two of the largest economic blocs on earth rather than on any one country's data alone.
Because so much capital flows through it, EUR/USD tends to have tighter spreads and deeper liquidity than almost any other pair, which is part of why it is the default reference rate quoted across trading platforms, news wires, and central bank commentary. Its direction is driven mainly by the gap between what the European Central Bank and the US Federal Reserve are expected to do with interest rates, though broader risk sentiment, energy prices, and relative growth momentum between the eurozone and the US all play a role as well.
EUR/USD is the most heavily traded currency pair in the world, pairing the euro against the US dollar. The euro itself launched on January 1, 1999, initially as an electronic accounting currency used by 11 European Union members. Physical euro notes and coins followed on January 1, 2002, when those countries retired their old currencies for good.
In its first trading sessions the euro opened above $1.17, then spent its early years falling. By October 2000 it had dropped to roughly $0.82, its weakest level on record at the time, before recovering through the rest of the decade.
The pair later climbed to its all-time high near $1.60 in April 2008, during a period of broad dollar weakness tied to the global financial crisis. It has traded well below that peak ever since. In 2022, a rapid series of US Federal Reserve rate hikes widened the yield gap between US and eurozone bonds and pushed EUR/USD down to parity for the first time since 2002, with the pair briefly dipping under $0.96 that September.
Today EUR/USD still sets the pace for the wider forex market and is one of the most closely watched pairs for reading both ECB and Fed policy signals.
As of the last completed session (2026-09-15), EUR/USD's pivot sits at 1.15403, with resistance at 1.15540 and 1.15653, and support at 1.15290 and 1.15153.
Over the trailing 20 trading days (2026-08-19 to 2026-09-15), price has not closed a session above 1.17112 or below 1.15227, the range worth watching for a genuine breakout rather than an intraday spike.
FirstBuckFX's live confluence model currently reads sell on EUR/USD at 3% confidence, with the underlying trend classified as bearish. 1 of the model's tracked conditions are currently bullish against 1 bearish.
The component scores behind that read: RSI 3.0, MACD 0.0, EMA structure 0.0, support/resistance 14.0.
Speculators are currently net short 42,616 EUR futures contracts per the latest CFTC data (week of 2026-09-08), down from -24,925 the week of 2026-09-01. Speculators are currently net long 17,604 USD futures contracts per the latest CFTC data (week of 2026-09-08), up from 17,025 the week of 2026-09-01.
Positioning like this describes what large speculators are already doing; it is not a prediction. A heavily one-sided position can persist for a long stretch before it unwinds, or it can reverse quickly if the underlying fundamental story shifts.
On FirstBuckFX's currency strength meter, EUR currently ranks 5 of 8 tracked currencies (score -0.0), while USD ranks 8 of 8 (score -0.3). EUR is the relatively stronger of the two right now.
The highest-impact scheduled events for this pair split fairly evenly between the two economies. On the US side, Federal Reserve rate decisions and press conferences, the monthly Non-Farm Payrolls report, and US CPI inflation data typically move the pair the most. On the eurozone side, ECB Governing Council meetings and President Lagarde's press conference, the flash HICP inflation estimate, and the composite PMI surveys for the eurozone and Germany (the bloc's largest economy) carry similar weight.
Beyond the scheduled calendar, sentiment surveys like the German ZEW and IFO indices are watched closely as early reads on eurozone momentum, and unscheduled moves in energy prices or broader risk appetite (equity sell-offs, safe-haven dollar demand) can override the calendar entirely on any given day.
Liquidity peaks during the London-New York overlap, roughly 13:00-17:00 UTC, when both major sessions are open.