- Donald Trump has threatened 25% tariffs on the EU, claiming the bloc was created to harm the U.S. and hinting at targeting carmakers.
- EUR/USD tested resistance at 1.0536 before sellers stepped in, with the pair remaining under pressure below the 50-day EMA.
Donald Trump has threatened to impose 25% tariffs on the European Union, bizarrely stating that the 27-member bloc was “formed to screw the United States.”
Without providing further details, he hinted at targeting carmakers, saying, “We have made a decision and we’ll be announcing it very soon.” The EU has vowed to retaliate immediately if the tariffs take effect.
EUR/USD tested resistance around 1.0536 before sellers stepped in around the time of Trump’s announcement. The pair remains under pressure, trading below the 50-day EMA, while the 200-day EMA is flattening, offering a potential target besides the 38 and 50% Fibonacci levels on the chart.
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