The main scenarios from our earlier post remain unchanged. The 1.0800 support has shifted slightly lower to 1.0780. Trump's so-called "Liberation Day" is approaching, and it's creating downward pressure on EURUSD, despite weak U.S. data.
Yesterday, consumer confidence fell to 92.90, marking the worst reading since the COVID shock, and the lowest since 2016 if you exclude that period. The magnitude of the drop is significant.
EURUSD price action has now contracted into a very narrow range, suggesting that a major breakout is likely imminent. Which direction it will take remains unclear. This week’s PCE data will be important, but the main price driver will likely be the April 2 tariff announcement, or any early leaks or headlines leading up to it.
1.0780 has now become the short-term support level, while the updated trendline serves as the main resistance.
Yesterday, consumer confidence fell to 92.90, marking the worst reading since the COVID shock, and the lowest since 2016 if you exclude that period. The magnitude of the drop is significant.
EURUSD price action has now contracted into a very narrow range, suggesting that a major breakout is likely imminent. Which direction it will take remains unclear. This week’s PCE data will be important, but the main price driver will likely be the April 2 tariff announcement, or any early leaks or headlines leading up to it.
1.0780 has now become the short-term support level, while the updated trendline serves as the main resistance.
Trade active
After the break, 1.0780 is now a resistance.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.