The EUR/USD pair extends its corrective advance on Tuesday, trading above the 1.0500 mark.
EUR/USD Current price: 1.0537 President-elected Donald Trump threatened to impose additional tariffs on China. United States Consumer Confidence expected to have improved in November. EUR/USD is bullish in the near term and may test the 1.0600 mark. The pair eased during Asian trading hours as President-elected Donald Trump threatened to impose an additional 10% tariff on China and an extra 25% tariff on Mexico and Canada, denting the market’s mood. The US Dollar surged as stocks plunged.
The FOMC then trimmed its benchmark interest rate by 25 basis points to a target range of 4.50%-4.75%. Policymakers voted unanimously to cut interest rates. EUR/USD short-term technical outlook The daily chart for the EUR/USD pair shows it keeps correcting higher. Technical indicators head firmly north but remain within negative levels, far from suggesting the rally will continue. Indeed, the pair may extend its near-term gains, but the long-term perspective is still bearish.
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