EURUSD technicals
The EURUSD fell after comments from Trump (and the U.S.), suggesting Ukraine—and by extension, the EU—may have to fend for themselves if peace is not reached through compromise rather than victory. That did not sit well with Zelenskiy who see Russia as the aggressor and wants guaranteed security from the US. Trump does not want to guarantee that or spend for it, and also feels the US has been disrespected.
From a technical standpoint, the decline pushed the pair back below key support at 1.0406, a critical area that includes:
- The 38.2% retracement of the February low-to-high move.
- Last week’s swing low.
- The 50% retracement of the broader range since 2022.
The bearish momentum continued, breaking below the lower swing area between 1.0369 and 1.0381 and the 50% retracement level at 1.03689.
Key Levels to Watch
- Resistance: Immediate selling pressure could build near 1.03814, while a more conservative risk level sits at 1.0406.
- Support: On the downside, the next key target is the 61.8% retracement at 1.0331.
A sustained move below these levels could open the door for further downside momentum.