EURUSD: SELL 1.1390, SL 1.1490, TP 1.1190 | 04 Junio 2025

Event to pay attention to today:

17:00 EET. USD - JOLTs Job Openings

EURUSD:

EUR/USD is down after rising more than 0.50% in the previous session, trading near 1.1420 during Asian hours on Tuesday.

U.S. President Donald Trump on Friday threatened to double import tariffs on steel and aluminum that will take effect on Wednesday to increase pressure on global steel producers and intensify the trade war. "We're going to increase tariffs by 25%. We're going to increase from 25% to 50% tariffs on steel to the United States, which will further strengthen the U.S. steel industry," he said, as quoted by Reuters.

In addition, the US dollar attracted sellers' attention after the closely watched Institute for Supply Management (ISM) manufacturing purchasing managers' index showed a third consecutive monthly decline in output. The index fell to 48.5 in May from 48.7 in April. The figure was weaker than expectations of 49.5.

The European Union (EU) expressed “strong” regret over Trump's plan to double U.S. tariffs on steel and aluminum, which could derail bilateral trade talks. The European Commission (EC) said on Saturday that Trump's decision on tariffs “undermines ongoing efforts” to reach a deal and warned of “countermeasures”, BBC reported.

Trade recommendation: SELL 1.1390, SL 1.1490, TP 1.1190

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