EUR/USD, Risk Pairs Rally as Oil Drops on Iran Ceasefire Push Reports

US equity futures rose and crude oil prices dropped sharply following reports of a concerted ceasefire push between the United States and Iran, triggering a broad risk-on shift across forex markets. EUR/USD and other risk-sensitive pairs advanced as the dollar retreated from recent highs, with traders unwinding safe-haven positions built during weeks of escalating Middle East tensions. The decline in oil prices provided relief to energy-importing economies, supporting EUR/USD and pressuring USD/CAD as the Canadian dollar faced headwinds from falling crude. AUD/USD and GBP/USD also benefited from improved risk appetite, with equity-correlated flows favoring pro-cyclical currencies. The ceasefire narrative remains fragile, however, and traders should be prepared for rapid sentiment reversals if diplomatic efforts stall. Key technical levels to watch include resistance on EUR/USD at recent swing highs and support on USD/CAD near its 50-day moving average. Positioning ahead of further geopolitical headlines is recommended with tight risk management given elevated volatility conditions.