The Euro (EUR) fell in reaction to Trump’s threat of tariffs, although Europe was not mentioned. The pair was last at 1.0509 levels, note OCBC FX analysts Frances Cheung and Christopher Wong.
Upside Surprise May Help EUR Short Reduction
“EUR pullback found no traction. Price action suggests EUR bears may also be feeling the fatigue. Bearish momentum on the daily chart remains intact but shows signs of fading as RSI shows signs of turning higher “
“A bullish divergence is also observed on the daily MACD. Short-term EUR short reduction is not ruled out. Resistance at 1.0510, 1.0665 (21-day SMA). Key support at 1.0450 levels before 1.03 levels. The Focus this week is on the Eurozone CPI. An upside surprise may help reduce shorts in EUR.”
Source: Fx Street
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