EURUSD: SELL 1.1380, SL 1.1410, TP 1.1300 | 24 Abril 2025

EURUSD:

EUR/USD is attracting sellers towards 1.1355 in the early Asian session on Wednesday under pressure from renewed demand for the US dollar (USD). The US dollar is recovering after US President Donald Trump said he has no intention of firing Federal Reserve (Fed) Chairman Jerome Powell, despite his displeasure that the central bank has been slow to cut interest rates.

The White House said on Tuesday that the Trump administration had made progress in negotiating trade deals aimed at reducing the sweeping tariffs he announced earlier this month. U.S. spokeswoman Carolyn Leavitt said 18 different countries have submitted trade proposals to the U.S. and that Trump's trade team will meet with 34 countries this week to discuss potential agreements. Positive developments related to US trade talks with trading partners are helping to strengthen the US Dollar and act as a headwind for the major pair.

In addition, ‘tough’ comments from Fed officials are boosting the USD. Fed chief Adriana Kugler said late Tuesday that as US import tariffs are much higher than expected and could put upward pressure on prices, the US central bank should hold the cost of short-term borrowing steady until inflation risks subside.

On the other side of the pond, rising expectations that the European Central Bank (ECB) may cut interest rates again at its June meeting are weighing on the common currency. According to LSEG data, the probability of a rate cut in June is almost 75 per cent, compared to around 60 per cent before the ECB's decision.

Trading recommendation: SELL 1.1380, SL 1.1410, TP 1.1300

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