Euro (EUR) noticed whippy commerce on Friday, falling at first in response to Trump’s menace of fifty% tariff on EU items. However losses had been erased amid broad USD weak point. EUR was final seen at 1.1379 ranges, OCBC’s FX analysts Frances Cheung and Christopher Wong word.
Dangers considerably skewed in the direction of upside
“EU commerce chief Sefcovic stated that the 27-member bloc is dedicated to securing a commerce take care of US based mostly on respect not menace. The EU stays dedicated to securing a deal that works for each EU-US. However Trump expressed impatience with the sluggish progress on negotiations and is seeking to elevate tariff on EU on 1 Jun (which was later prolonged to 9 July).”
“Bearish momentum on each day chart light whereas RSI rose in the direction of close to overbought situations. Dangers considerably skewed in the direction of upside however we watch worth motion, which look like reasonably restraint relative to different FX. Resistance at 1.1420/30 ranges. Decisive break places subsequent resistance at 1.1570 (current excessive).”
“Failing which, the pair could revert to buying and selling current vary. Assist at 1.1280 (21 DMA), 1.1235 (23.6% fibo retracement of 2025 low to excessive) and 1.1150 (50 DMA).”
