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10 July 2025,03:21
Daily Market Analysis
10 July 2025, 03:21
Key highlights:
*Euro advanced as signs of progress in U.S.-EU trade talks boosted sentiment.
*The European Central Bank signaled heightened vigilance over possible inflation risks tied to U.S. tariffs.
*The dollar weakened as markets adopted a “wait-and-see” stance amid uncertainty over Trump’s next moves, including the surprise copper tariffs.
The euro advanced in the last session as market sentiment improved on signs of easing trade tensions between the eurozone and the U.S. Investors took comfort from reports that the European Union has yet to receive any formal tariff notification from the White House, with trade talks between the two sides reportedly making progress. Market sources suggest a potential deal could be announced in the coming days.
Adding to the euro’s support, the European Central Bank struck a notably hawkish tone in its recent press conference, signaling heightened vigilance over the potential inflationary impact of U.S. trade policy. Policymakers indicated a more cautious stance in upcoming monetary decisions, should tariff threats materialize.
Meanwhile, the U.S. dollar softened as markets adopted a “wait-and-see” approach toward the greenback amid uncertainty surrounding President Trump’s next policy moves following the surprise announcement of steep copper tariffs. The euro’s relative stability has drawn renewed interest in the broader financial markets, helping to keep the currency buoyant at elevated levels.
The EUR/GBP pair has formed an asymmetric triangle pattern near its recent highs, positioning the cross at a technical inflection point. A decisive break above the triangle could confirm a bullish continuation, signaling potential upside for the pair. Conversely, failure to sustain momentum and a break below the pattern would likely shift the outlook to bearish.
Momentum indicators suggest that bullish strength is fading. The Relative Strength Index (RSI) has begun to drift lower toward the midline, while the MACD is on the verge of crossing below the zero line. Should both indicators continue to weaken, it would reinforce the case for a downside move in the pair.
Resistance Levels: 0.8650, 0.8720
Support Levels: 0.8560, 0.8490
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