Trump slaps 30% tariffs on EU, Mexico
Talking Points:
- US dollar Technical Strategy: Holding Long via Mirror Trader Basket **
- Support: 11599, 11527, 11411
- Resistance:11699, 11796, 11874
The Dow Jones FXCM US dollar Index turned lower as expected, with a bearish Evening Star candle pattern of deeper losses in the cards ahead. Near-term support is at 11599, the 14.6% Fibonacci retracement, with a break below that on a daily closing basis exposing the 23.6% level at 11527. Alternatively, a turn above the 23.6% Fib expansion at 11699 clears the way for a test of the 38.2% threshold at 11796.
We remain broadly bullish on the US dollar against its leading counterparts in line with our long-term fundamental outlook. As such, we remain long via the Mirror Trader US Dollar currency basket.
3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads.
Which stock should you buy in your very next trade?
With valuations skyrocketing in 2024, many investors are uneasy putting more money into stocks. Unsure where to invest next? Get access to our proven portfolios and discover high-potential opportunities.
In 2024 alone, ProPicks AI identified 2 stocks that surged over 150%, 4 additional stocks that leaped over 30%, and 3 more that climbed over 25%. That's an impressive track record.
With portfolios tailored for Dow stocks, S&P stocks, Tech stocks, and Mid Cap stocks, you can explore various wealth-building strategies.