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The EUR/USD pair is holding onto slight gains above 1.0300 on Tuesday, after a decline earlier in the day. Market participants are hesitant as they await developments regarding potential reciprocal tariffs and Federal Reserve Chairman Powell’s upcoming testimony.
Euro’s Latest News:
• EUR/USD rises as the US dollar weakens before Chairman Powell’s testimony.
• The Euro is outperforming other currencies today.
• EUR/SEK could decline to around 11.15.
Technical Factors:
The daily EUR/USD chart indicates that the pair has risen for a second day, but is encountering resistance extending gains beyond Friday’s close of 1.0327. The technical outlook suggests further downside potential, though directional momentum is weak. The pair is trading below all its moving averages, with the 100-day Simple Moving Average (SMA) trending downwards around 1.0610 and a flat 20-day SMA at 1.0378. Technical indicators have ticked slightly upwards, but remain in negative territory, not yet signaling further gains.
Support levels: 1.0330, 1.0275, 1.0230
Resistance levels: 1.0385, 1.0420, 1.0465
