Technical Analysis

EURUSD dips on auto tariff rumblings

German journal article stirs the pot and sends the EURUSD decrease

The EURUSD cracked again under the 61.eight% on the German journal article saying that Pres Trump could impose 25% tariffs on European auto imports as early as subsequent week.  There are another reviews which have come out that say Kudlow and Mnuchin talked the Trump out of imposing tariffs, however you by no means know the way the wind blows on any given day with regard to the President.  

Shares moved decrease on the information however have since recovered a lot of the declines.  

For the EURUSD, the worth moved again under the 61.eight% retracement at 1.13135, and has moved to a brand new session low of 1.1296.  A decrease pattern line can also be prone to being busted (being busted now).  The 61.eight% is now shut threat for shorts.

The catalyst was “the story” for the decline. That story could or might not be true, however merchants in foreign exchange a minimum of are treating the information with respect. The technicals have weakened as nicely on the breaks of the 61.eight% and decrease pattern line.  

PS. I’ve seen new commercials on TV touting Mercedes manufacturing of autos within the US.  Certainly a brand new plant in North Charleston SC is open and manufacturing Sprinter vans. The vans have been beforehand imported into the NA market. 

BMW additionally manufactures autos in SC (and have for quite a few years – since 1994). They manufacture the X3, X$, X5, X6 and X7 SUV fashions within the US.  They manufacture 1900 autos per day.  It’s the sole producer of SUV fashions and make use of eight,800 staff.


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