There is arguably just one to take note of on the day, as highlighted in bold below.
That being for EUR/USD at the 1.1845 level. It isn’t one that holds too much technical significance but could act as a bit of a light ceiling to price action for the session ahead. That as it keeps near the 200-hour moving average, seen at around 1.1838 currently.
Keep below the key near-term level and the bias holds more neutral for the pair for now at least. But push above, and the near-term bias switches to being more bullish again. The last time we saw that hold above both key hourly moving averages was all the way back on 12 February.
However, the upside momentum this time around looks to have more backing to it. That as the dollar is stumbling across the board amid the chaotic mess from Trump’s tariffs.
The Supreme Court rejected the IEEPA tariffs from April last year but Trump is now pursuing other avenues to reinstate higher levies on all countries again. Section 122 allows for 15% tariffs for the next 150 days but after that, things will become more complicated.
Amid the messiness and no holds barred kind of policy setting and response by the US administration, markets are once again feeling iffy about the dollar. No surprises there really. It is the exact kind of thing that has plagued the greenback since last year and we’re seeing more of that in the early stages this year already. That after January was marred by geopolitical jitters involving the Venezuela situation.
As such, this is all once again pushing precious metals higher while weighing on the dollar
