EUR/USD Rallies Hard On Relentless US Dollar Selling
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- EUR/USD surges past 1.1450 in the European session on Friday.
- The US Dollar extends its dive as China ramps up tariffs on US goods.
- The EU has paused its retaliatory 25% tariffs on US goods for 90 days due to Trump's tariff suspension..
The EUR/USD pair keeps pushing higher, hitting the highest level in three years above 1.1450 in European trading on Friday. The latest uptick in the pair is mainly linked to a fresh leg lower in the US Dollar (USD) after China retaliated with a tariff hike to 125% from 84% on US goods.
The US-China trade war escalation intensifies US recession risks, fanning dovish US Federal Reserve (Fed) expectations. Meanwhile, the Euro (EUR) continues to draw support from the European Union (EU) announcement of a 90-day pause on countermeasures against the United States (US) on Thursday, a day after US President Donald Trump hit a pause on previously announced tariffs for dozens of countries.
Investors brace for the US Producer Price Index (PPI) for March and the advanced Michigan Consumer Sentiment report, which are due later on Friday. Also, Federal Reserve (Fed) Bank of St. Louis President Alberto Musalem and Fed Bank of New York President John Williams are scheduled to speak. If the reports show a stronger-than-expected outcome, this could lift the Greenback and cap the upside for EUR/USD.
Technical Analysis: EUR/USD maintains bullish tone amid overbought conditions
According to Eren Sengezer, FXStreet's Senior Analyst, "the Relative Strength Index (RSI) indicator on the 4-hour chart climbed above 80, highlighting overbought conditions for the pair."
"On the upside, 1.1500 (round level) could be seen as the next resistance level before 1.1535 (static level from November 2021) and 1.1600 (static level, round level). Looking south, supports could be spotted at 1.1300 (static level, round level) and 1.1200 (static level, round level)."
Euro PRICE Today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the strongest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -2.14% | -1.10% | -1.48% | -0.55% | 0.08% | -1.22% | -1.40% | |
| EUR | 2.14% | 1.03% | 0.60% | 1.59% | 2.24% | 0.89% | 0.71% | |
| GBP | 1.10% | -1.03% | -0.37% | 0.56% | 1.21% | -0.13% | -0.31% | |
| JPY | 1.48% | -0.60% | 0.37% | 0.95% | 1.63% | 0.35% | 0.16% | |
| CAD | 0.55% | -1.59% | -0.56% | -0.95% | 0.63% | -0.67% | -0.86% | |
| AUD | -0.08% | -2.24% | -1.21% | -1.63% | -0.63% | -1.30% | -1.48% | |
| NZD | 1.22% | -0.89% | 0.13% | -0.35% | 0.67% | 1.30% | -0.20% | |
| CHF | 1.40% | -0.71% | 0.31% | -0.16% | 0.86% | 1.48% | 0.20% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent EUR (base)/USD (quote).
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