EURUSD: BUY 1.1610, SL 1.1590, TP 1.1700 | 26 June 2025

Events to pay attention to today:

17:00 EET.USD - Fed Chair Jerome Powell will deliver a speech

17:30 EET.USD - Crude oil inventory data from the Department of Energy

EURUSD:

EUR/USD continued to rise for the fourth day in a row, climbing 0.39%, despite trading below its annual high of 1.1641, due to the weakening of the US dollar as a result of the de-escalation of the conflict in the Middle East. Israel and Iran agreed to a ceasefire, which improved market sentiment and ultimately put pressure on the dollar. At the time of writing, the pair was trading at 1.1619, up 0.38%.

Market sentiment became optimistic, leading to a fall in the dollar. The US dollar index (DXY), which tracks the dollar's performance against a basket of six currencies, including the euro, fell more than 0.47% and traded near weekly lows of 97.70.

The New York Times recently reported that, according to US intelligence, the strikes on Iran did not destroy nuclear facilities, as previously reported by CNN. Despite this, Wall Street is set to end Tuesday's session in positive territory, with traders ignoring the sharp comments from Federal Reserve Chairman Jerome Powell.

In his speech to the US House of Representatives, Powell said that rates are moderately restrictive. He added that if inflationary pressures are contained, the Federal Open Market Committee (FOMC) may consider lowering rates.

During the European session, the Eurozone economic calendar showed that the IFO business climate index rose for the sixth consecutive month, despite general geopolitical uncertainty. In addition, some representatives of the European Central Bank (ECB) made statements.

Trading recommendation: BUY 1.1610, SL 1.1590, TP 1.1700

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