EURUSD: BUY 1.1500, SL 1.1460, TP 1.1580 | 24 June 2025
24 June 2025, EUR/USD
An event to watch out for today:
11:00 EET. EUR - Manufacturing PMI
16:45 EET. USD - Manufacturing PMI
EURUSD:
The EUR/USD exchange rate fell to around 1.1480 at the start of the Asian session on Monday. The US dollar is strengthening against the euro (EUR) amid US President Donald Trump's decision to join Israel's war against Iran, which has sharply escalated the conflict. Traders will closely monitor developments surrounding the conflict in the Middle East.
Over the weekend, the US entered the conflict between Israel and Iran when American military aircraft and submarines struck three Iranian targets in Iran, Fordow, Natanz, and Isfahan. Trump said Iran's key uranium enrichment facilities had been “totally destroyed” and warned of “much more severe” strikes if Iran did not agree to peace. The rise in tensions following the US bombing of Iranian nuclear facilities is contributing to the rise in safe-haven currencies such as the US dollar and is having a negative impact on the major currency pair.
Earlier this month, the European Central Bank (ECB) cut interest rates for the eighth time this year to support the eurozone's sluggish recovery, but made it clear that there would be a pause in July. ECB President Christine Lagarde said that rate cuts are coming to an end, as the central bank is now “well positioned” to deal with the current uncertainty. The ECB's hawkish tone may help limit the euro's losses in the near term.
Trading recommendation: BUY 1.1500, SL 1.1460, TP 1.1580
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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
