EUR/USD climbed about 80 pips to 1.1040 on Wednesday as the dollar index slipped below 105.5, marking a second day of losses. The U.S. dollar weakened amid growing fears of recession, triggered by President Trump's sweeping tariffs. China now faces a 104% levy, with Beijing vowing to "fight to the end." Market sentiment remained cautious as trade negotiations stalled, despite Trump’s outreach to major partners. Concerns that the escalating trade war may tip the U.S. into recession have increased expectations of further Fed rate cuts, weighing on the dollar.
Key resistance is at 1.1100, followed by 1.1150 and 1.1215. Support lies at 1.0900, then 1.0850 and 1.0730.
Key resistance is at 1.1100, followed by 1.1150 and 1.1215. Support lies at 1.0900, then 1.0850 and 1.0730.
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