The EUR/USD currency pair has gotten a big boost as a result of China stating that it will impose tariffs on $60 Billion of U.S goods starting June 1st. This action has undoubtedly extended the ongoing trade war between the two countries.
China’s declaration came three days after the US action of all most tripling tariffs on $200 Billion of Chinese imported goods.
The EUR/USD bullish momentum has picked up steam as a result of China’s promise to raise tariffs on US goods. As a result of the actions of the two countries, the USD has take a hit in the short term.
The Mstardom Finance trading group is predicting that the next short-term target for the EUR/USD currency pair is 1.1305. The pair has met support at the 1.1253 area and resistance at the 1.1263 area. This price action is inline with our calculated and predicted price movements. If our bullish prediction doesn’t hold, then a pullback to the 1.1216 area is expected.
Author: Glenford S. Robinson
Glenford S. Robinson is a Clinical Laboratory Scientist and a staff writer for Mstardom Finance. He generally writes articles pertaining to the Forex and Stock market. The author is also a regular trader of the EUR/USD currency pair.
Mr. Glenford S. Robinson is the Chief Executive Officer and Founder of Mstardom Finance. He is the editor-in-chief of News and Magazine article publishing. Mr. Robinson is also the lead developer of the Mstardom Finance Platform at Mstardom.com. He is passionate about quantitative finance and technologies associated with that discipline, such as python-based algorithmic programing. Mr. Robinson is also a Clinical Laboratory Scientist currently practicing laboratory medicine. When Mr. Robinson is not practicing laboratory medicine, writing articles, or studying finance, he is creating mathematical and statistical modules, using quantitative approaches to identify trading opportunities in the Forex and Stock Market.