EUR/USD: euro against the US dollar

Last updated: 23 October 2026 · By Forexuro Desk · Editorial policy

Published 23 October 2026 · Reviewed by the Forexuro Desk editorial team

Overview

EUR/USD prices one euro in US dollars. It is the most traded currency pair in the world, combining the two largest currency blocs, so it usually has deep liquidity and tight spreads at mainstream brokers. Many traders use it as their first pair because the price action is broad and news driven rather than dominated by a single local story. It is often called the fiber.

How the quote works

A quote of 1.1220 means one euro buys 1.1220 US dollars. A rise means the euro is strengthening or the dollar is weakening; a fall means the reverse. One pip is 0.0001, worth 10 dollars on a standard lot of 100,000 euros. New to quotes? Read how to read a forex quote and the glossary entries for pip and lot.

When it trades

EUR/USD trades around the clock from Monday to Friday, but activity tends to build at the London open and peaks in the overlap with New York, when European and US banks are both active. Euro area data such as flash PMIs and inflation come out in the European morning, while US data such as payrolls and CPI land at 8:30am New York time, often the busiest moment of the day for the pair. The Asian session is usually quieter.

See the live market sessions clock to check which centres are open in your time zone.

What moves EUR/USD

• Interest rate expectations. The gap between expected Federal Reserve and ECB policy is the main long term driver. When markets expect US rates to stay higher for longer, the dollar tends to gain; when they expect the ECB to be the more hawkish bank, the euro tends to gain. See interest rate differential.
• Inflation and jobs data. US CPI, PCE and non-farm payrolls, and euro area HICP inflation and PMIs, move rate expectations and so the pair.
• Euro area politics and bond spreads. Fiscal stress in a member state, shown by government bond yields rising relative to Germany, can weigh on the euro. In October 2026 French fiscal worries were one such theme.
• Energy prices. The euro area imports much of its energy. Sharp rises in oil and gas tend to hurt the euro area trade balance and growth outlook.
• Risk sentiment and the dollar. In stress the dollar often attracts safe haven demand, which can push EUR/USD lower regardless of European news. Watch the dollar index.

Key events and central banks

The central banks that matter most for EUR/USD: European Central Bank, Federal Reserve. Current policy rates, sourced from each bank, are on our central banks page. These scheduled releases often move the market:

• US CPI inflation
• Non-farm payrolls
• FOMC rate decision
• ECB rate decision
• PMI surveys

See all economic events explained.

Volatility explained

EUR/USD is often described as one of the steadier majors because of its liquidity, but it still moves sharply on US data releases and central bank decisions, and spreads can widen around those moments and at the daily rollover. Volatility changes with the news cycle, so measure it rather than assume it: the average true range on your own chart gives a current reading for setting stops.

Forexuro does not publish a fixed "average daily range" for EUR/USD here, because any such number goes out of date quickly and depends on the period chosen. Measure it on your own platform over the window you trade.

Pip value and position size

Use the EUR/USD pip value calculator to see what one pip is worth in your account currency, then the position size calculator to turn your risk and stop into lots. Keeping risk per trade small, often 1% or less, is the main protection against a run of losses; see risk management for traders.

Forexuro EUR/USD signals

Forexuro publishes forex signals with an entry, stop loss and take profit levels. See the EUR/USD signals page for how they work on this market. Every closed Forexuro trade is published on the trade history page. Daily market notes, including EUR/USD when it is in focus, go out free on the Forexuro Telegram channel.

EUR/USD in the Forexuro record

This week's outlook

Read the EUR/USD weekly outlook for the week of 26 October 2026, a sourced analysis of the events and levels in focus, or browse all weekly forecasts.

Practical tips

• Size every trade from the stop distance with the position size calculator.
• Check the calendar for US CPI, payrolls, FOMC and ECB days before entering.
• Remember that EUR/USD and GBP/USD often move together; two trades on both can double your dollar exposure.

Related reading

• Major pairs guide
• Euro slides on French debt fears
• Interest rates and currencies
• Best forex pairs for beginners

Other markets: GBP/USD · USD/JPY · USD/CHF · AUD/USD · USD/CAD · NZD/USD · EUR/GBP · XAU/USD

Frequently asked questions

Education only, not financial advice. Trading forex, gold and CFDs carries a high risk of losing money, and leverage magnifies both gains and losses. Past performance is not a reliable guide to future results. Read our risk disclosure.