EURUSD: BUY 1.1545, SL 1.1515, TP 1.1625 | 23 Abril 2025

EURUSD:

EUR/USD extends its gains to the 1.1520 level in the early Asian session on Tuesday under pressure from a weak U.S. dollar (USD).

On Monday, US President Donald Trump stepped up his criticism of Federal Reserve (Fed) Chairman Jerome Powell on social media, calling him a “big loser” and warning that the US economy could slow down if the Fed does not make immediate rate cuts. Concerns about a slowdown in the US economy, the world's largest economy, as well as fears that Trump may fire Powell, are weighing on the US dollar and serving as a tailwind for EUR/USD.

“It's a veritable smorgasbord for any dollar bear ... from heightened uncertainty around self-inflicted damage from tariffs to loss of faith even before the news from Powell,” said Vishnu Varathan, head of macroeconomic research in Asia and outside Japan at Mizuho.

In addition, the European Union (EU) is considering changing methane rules for U.S. gas to help trade negotiations, Reuters reported on Monday. The European Commission is working on its proposal for trade talks with the U.S. to try to avoid Trump's planned tariffs, with both sides signaling that energy could be part of a broader trade deal. The optimism surrounding the trade talks could provide some support for the common currency against the U.S. dollar in the near term.

Trade recommendation: BUY 1.1545, SL 1.1515, TP 1.1625.

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