EURUSD started with positive momentum in Asian session

EURUSD dropped at the open on Apr 7 and started the day with positive momentum – giving buyers two distinct peaks – climbing as high as 1.1048.

Price then pulled back, pre-London, to the 50 pct Fibonacci level where it failed to recover.

By London open EURUSD kept in a sideways pattern with pessimistic momentum ready to take it lower.

The key level by NY open is 1.0927 – keeping it from piercing yesterday’s low. A break of this level could encourage sellers, me being one of them.

As for tariffs and Trump, there are no signs the latter will backtrack – his administration is now claiming so many countries are calling him wanting to strike a trade deal.

Price action shows the market believes EURUSD will be hurt should this tariff situation remains as-is or gets worse.

Tariff trading is challenging because everyone is forced to react to news – Forexlive agrees. Technical levels still matter, but news will drive momentum at a moment’s notice.

Be safe out there.