EUR/USD holds 1.16 support

Gregor Horvat Wavetraders

As you know, European stocks are lower after President Trump indicated that he could impose tariffs on exports to the US from European nations opposing his plan to acquire Greenland. A lot of uncertainty remains, but surprisingly EURUSD is still holding up quite well around the 1.16 level. We still see the pullback from December highs as corrective, but it’s not yet clear whether this wave has already finished or if we could still see a retest of the 1.1580 open price. As usual on Mondays, early-week flows can reverse, so another push lower would still be fine and would only make this whole drop more corrective and complex. Sooner or later, though, there is a good chance that EURUSD will stabilize.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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