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 observe.
Dangers considerably skewed in the direction of upside
“EU commerce chief Sefcovic stated that the 27-member bloc is dedicated to securing a commerce cope with 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 pale whereas RSI rose in the direction of close to overbought situations. Dangers considerably skewed in the direction of upside however we watch value motion, which look like relatively restraint relative to different FX. Resistance at 1.1420/30 ranges. Decisive break places subsequent resistance at 1.1570 (latest excessive).”
“Failing which, the pair might revert to buying and selling latest vary. Assist at 1.1280 (21 DMA), 1.1235 (23.6% fibo retracement of 2025 low to excessive) and 1.1150 (50 DMA).”
