The EURUSD pair gains 0.45% today, reaching 1.03230, supported by both a strong euro and a weakening dollar.
Today at 6:00 PM, the inauguration of Donald Trump as the 47th President of the United States will take place. Earlier in the day, prior to the inauguration, the dollar is one of the weakest currencies among the G10 currencies. The dollar index is down 0.30% to 108.8000, while EURUSD is trading 0.45% higher, driven by the strength of the euro on the opposite side.
Start investing today or test a free demo
Open real account TRY DEMO Download mobile app Download mobile appThe decline in the dollar could be caused by speculation regarding a possible delay in tariffs by Trump. However, if Trump announces tariffs within the first days of his presidency, the dollar could quickly recover its losses and continue to appreciate. Speculation about a delay in tariffs is also fueled by the fact that Donald Trump’s recent attention has been focused on the cryptocurrency market. Following the weekend’s events, Trump has announced further decisions to be made at the beginning of this week.
EURUSD is bouncing off a key support level below 1.0200 and continues to move upward. From a technical perspective, the most critical range of the current movement may be the next resistance levels below 1.03500 and 1.04900. However, the most important factor will be Donald Trump's initial decisions this week.
Source: xStation 5
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.
