- EUR / USD pricing analysis shows a lower probability to trade agreement in US-eurozone.
- Trump said he would send a letter to the EU as soon as Friday.
- Tariffs will hurt demand for goods from the eurozone.
EUR / USD pricing analysis shows a lower probability that trade agreement between the United States and the eurozone. Trump said he could send a letter to the block to inform him the larger tariffs until Friday. Meanwhile, the American president announced larger tariffs in other countries, such as Canada. The move increased the dollar against most of their peers.
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The US President got more aggressively on Tariff on Thursday. He announced that several countries begin to pay higher tariffs 1. August. They include Canada, which has 35% of imposes on the goods. Although the eurozone survived again, it was clear that Trump’s tone changed.
Initially, participants in the market were on the trade agreement between the United States and the European Union. Talks lasted for a while. However, Trump said he would send a letter to the EU as soon as Friday, inform him about larger tariffs. This move will probably dive the euro. These tariffs will hurt demand for goods from the eurozone and measure to the economy.
At the same time, if the EU responded, that could catch fire with US, with permanent effects.
EUR / USD Key events Today
The market participants do not expect any key economic editions from the US or the eurozone. Therefore, all focus will remain in tariff events.
EUR / USD Technical price analysis: Bears approach solid trend lines
On the technical side, EUR / USD price retreated from its high levels near the level of 1,1800. The withdrawal begins to remind the trend, because the price respects 30 SMA as resistance and form lower high and lower. However, to confirm the new trend, it must be broken and below its long-standing Bullin Trendlin.
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EUR / USD maintained a bakarian trend in a larger scale, respecting a clear trendy support device. However, the price also freely broken through 30ths. The break below this trendline would be a significant milestone. That would indicate a change in the feeling of Buclash to the bear. This would also allow the price to repeat lower levels of support, such as 1,1600 and 1,1450. However, if Trendline holds the company, the bulls will return to push the price above the SMA and resolve resistance 1,1800.
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