The euro (EUR) fell last week, in line with our caution by some ‘potholes’ in the interim. The EUR was for the last time at levels of 1,1686, the FX analysts of OCBC Frances Cheung and Christopher Wong point out.
The risks are still biased
“Trump’s announcement of a 30% tariff over all EU imports during the weekend negatively affected European futures and EUR this morning. But the impact seems to be somewhat attenuated. This could be partially mitigated by the announcement of France of plans to increase (of 32,000 million EUR to 64,000 million EUR) and accelerate the expense in defense – duplicate the military budget by 2027 initially planned) in response to the geopolitical situation. “
“Prime Minister Bayrou will provide more details on Tuesday. On tariff countermeasted that ‘has already been agreed’. “
“The bearish impulse in the daily chart remains intact while the RSI fell. The risks are still downward for now. The following support is at 1,1660 levels (21 -day SMA), 1,1620. If these levels are broken, then there could be more fall. The next large support is at levels of 1,1470 (50 days). Resistance in levels of 1,1710, 1,1710, 1,1710. General, concerns about tariffs and comments of ECB officials (on the Rhythm of EUR profits) can slow down the EUR assessment, but in general, the constructive perspective remains intact. “
Source: Fx Street
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