EURUSD: SELL 1.1240, SL 1.1260, TP 1.1150 | 30 May 2025

Event to pay attention today:

15:30 EET. USD - Initial jobless claims

EURUSD:

EUR/USD continues its downward trend for the third consecutive session, trading at around 1.1240 during Asian trading hours on Thursday. Preliminary data on US GDP for the first quarter on an annualised basis, personal consumption expenditure prices on a quarterly basis and initial jobless claims will be released later in the day.

The EUR/USD pair is depreciating as the US dollar (USD) strengthens after a US federal court ruled on Wednesday to block US President Donald Trump's introduction of ‘Liberation Day’ tariffs. A panel of three judges at the International Trade Court in Manhattan ruled that Trump did not have the authority to do so and declared the move unconstitutional and beyond the scope of presidential powers.

On Wednesday, minutes from the Federal Open Market Committee (FOMC) on the latest policy showed that Federal Reserve (Fed) officials generally agreed that heightened economic uncertainty justified their patient approach to adjusting interest rates. Fed officials emphasised the need to keep interest rates unchanged for some time, as recent policy changes cloud the US economic outlook.

However, the negative impact on the risk-sensitive euro (EUR) may be limited thanks to easing trade tensions between the US and the European Union (EU). Last week, President Trump extended the deadline for imposing tariffs on imports from the EU from 1 June to 9 July.

Trading recommendation: SELL 1.1240, SL 1.1260, TP 1.1150

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