The euro (EUR) continued to rise against the US dollar (USD) against the background of the risk of a peace agreement in Ukraine and news of the postponement of mutual customs tariffs. The euro was last seen at 1.0479. Definition concerns are still standing and it seems that they open the European Union’s willingness to negotiate, according to foreign currency analysts at OCBC Francis Cheung and Crystone Wong.
Daily momentum moderate
“At the Munich Security Conference on Friday, European Economic Security Commissioner, Marush Shevchevic, said that Brussels is ready to discuss” anything ‘to avoid Trump’s definitions of European exports. He stated that Brussels is ready to reduce its large surplus in goods and services with the United States, which reached 50 One billion euros last year, and also indicated that the European Union is ready to reduce the rate of customs tariffs by 10 % on cars, which is four times the American average.
“He also pointed out that the European Union could increase its purchases from American commodities such as LNG and Soybeans. European officials confirmed that Shevchevic will travel to Washington on Monday for talks with senior Trump administration officials, including the candidate of Trade Minister Howard Lottenic, Commercial actor Jimson Jarir, and Chairman of the National Economic Council Kevin Haysit.
“Daily momentum is moderate bullish while the relative strength index rose. Immediate resistance at 1.05 levels, 1.0540. The penetration puts the following resistance at 1.0570 levels (Fibonacci correction 38.2 % from the September Summit to January, 100 DMA), 1.0620 levels. Support at 1.0390 levels ( 21, 50 DMAS), 1.03 levels.
2025-02-17 10:07:06