EURUSD rebounding
The markets reacted to the latest tariff risks, pressuring the major dollar pairs in the process. A confirmed breakout of the month-long descending channel has led the euro above the 1.1700 zone. 1.1770 is the next hurdle to clear, and the recent false spike before the euro can resume its climb. As the RSI shot into the overbought area, a temporary pullback would let bulls catch their breath. The base of the recent consolidation at 1.1710 is the immediate support to keep the current momentum going.
NZDUSD tests resistance
The New Zealand dollar was another currency that benefited from a volatile market. The pair has hit resistance at 0.5850, and a continuation would indicate strong follow-through buying. The 0.5800 level was the last hurdle, and its breach prompted an extension to December’s peak. On the downside, firm resistance could pull prices down, as 0.5820 is the first support before a potential test towards 0.5750.
UK 100 falling from peak
The UK 100 (FTSE) attempts to regain some composure amid the fallout from potential European tariffs. The index continues to claw back losses from this week’s sell-off, and a series of higher lows indicates some buying pressure. A bullish breakout could resume the uptrend and return prices to the recent ascending channel. Failing that, 10050 would be the first support with 9900 a second line of defence.