- EUR / USD Outlook indicates an improved feeling in the eurozone.
- Trump announced that he would impose a 30% tariff on the Europeans for Eurozone.
- The traders store in the US CPI report in the USA.
EUR / USD Outlook indicates an improved feeling in the eurozone after Trump said it was willing to negotiate trade agreement. As a result, the euro recovered after falling on fears of 30% of reciprocal tariff in the EU. Meanwhile, market participants predict the US CPI report for traces to reduce the rates on the supply values.
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During the weekend, Trump announced that he would impose from 30% of the tariff on the goods of the eurozone 1. August. News intermittently hopes in decent trading between two partners, which led to the fall of the euro. Initially, participants in the market hoped Trump failed to send letters to the EU and Mexico. However, that has changed.
Meanwhile, the EU accused American support for efforts to reach an agreement. As a result, the best officials said they would revenge if tariffs enter into force in August. This raised tensions between trading partners. However, market participants continue to hope for the agreement before August. Trump welcomed EU officials to continue negotiations.
Meanwhile, merchants carefully care for the US CPI report, due later during the day. Hotter than the expected figure will confirm the impact of the Trump tariffs on pressure on price, relieving bets on the layout on the supply rates.
EUR / USD Key events Today
- US CPPI m / m core
- US CPI M / M
- US CPI I / I
EUR / USD Technical Outlook: Trapped between 30th and Trendline Support
On the technical side, EUR / USD price paused near its Bullin Trendlin, which previously acted as strong support earlier. Despite the bounce, the price is still traded below 30th, with RSI below 50, supporting the bear bias. Since the bears took over at the previous peak, the price is traded below SMA, respecting it as resistance.
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Therefore, this can happen again. However, this time the price was caught between SMA and Trendline. If the bears are unable to break under the trendline, the price will probably be beaten above the 30ths. Such a move would signal the shift in feeling, allowing the bulls to reset resilience level at 1,1800.
On the other hand, if the price breaks below the trendline and grille of 0.5 Fib, will signal probably a turn, allowing bears to target 1,1450 level support.
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