The EUR/USD exchange rate surged over 0.78% driven by potential US tariff implications and a weakening US dollar. Technical indicators suggest a bullish trend as EUR/USD surpasses 1.0400, with further resistance levels in sight. The article analyzes near-term support and resistance levels, the influence of The Washington Post article on tariffs, and the outlook for EUR/USD based on technical analysis.
EUR/USD surged over 0.78%, propelled by potential US tariff implications and a weak dollar environment. Technical analysis indicates a buyer's market as EUR/USD breached 1.0400, with focus on further resistance levels. Near-term support and resistance levels are identified at 1.0222 and 1.0500, respectively, with a crucial observation on the 50-day Simple Moving Average (SMA) at 1.0558.
The EUR/USD's increase is attributed to a Washington Post article mentioning three US President-elect Trump aides and stating that tariffs will be imposed, targeting specific sectors. The pair trades at 1.0388, above its opening price. EUR/USD Price Forecast: Technical Outlook The EUR/USD closed 2024 around 1.0260, but since then, buyers have entered the market, pushing the exchange rate above 1.0300 and reaching a four-day high of 1.0436 following the Washington Post headline. Momentum appears to favor buyers, although the Relative Strength Index (RSI), despite a slight upward trend, remains bearish. For buyers to propel EUR/USD higher, a decisive break above 1.0400, followed by 1.0500, is necessary. If surpassed, the next resistance would be the 50-day SMA at 1.0558, followed by 1.0600. Conversely, if bears regain control, keeping the major below 1.0400 could intensify a pullback towards last year's low of 1.0222. Further weakness could see parity as the next support level. EUR/USD Price Chart – Daily Euro PRICE Today The table below displays the percentage change of Euro (EUR) against major currencies today. Euro exhibited the strongest performance against the Japanese Yen. USD EUR GBP JPY CAD AUD NZD CHF USD -0.79% -0.76% 0.24% -0.79% -0.39% -0.40% -0.58% EUR 0.79% 0.03% 1.00% 0.06% 0.45% 0.43% 0.24% GBP 0.76% -0.03% 0.99% 0.03% 0.42% 0.40% 0.21% JPY -0.24% -1.00% -0.99% -1.02% -0.59% -0.58% -0.58% CAD 0.79% -0.06% -0.03% 1.02% 0.33% 0.34% 0.18% AUD 0.39% -0.45% -0.42% 0.59% -0.33% -0.01% -0.20% NZD 0.40% -0.43% -0.40% 0.58% -0.34% 0.01% -0.19% CHF 0.58% -0.24% -0.21% 0.58% -0.18% 0.20%
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