Euro Defies Tariff Panic and Holds Near Multi-Year Highs—All Eyes on Upcoming EU Data
The EUR/USD pair continues holding near multi‑year highs around 1.1780–1.1800, shrugging off tariff jitters ahead of the U.S. pressure deadline set for July 9. A resilient dollar momentarily bounced on strong U.S. nonfarm payrolls—147,000 jobs added in June and a 4.1% unemployment rate—but the euro quickly regained ground as market sentiment turned dovish.
ECB officials like Lagarde and Villeroy have signaled a wait‑and‑see stance, bolstering confidence that euro‑zone rates will stay steady while the Fed pivots to data dependency. Investors now shift focus to next week’s European readings—GDP, inflation, industrial output—as tariff concerns clash with improving trade sentiment.
Technically, EUR/USD remains caught between support at 1.1720 and resistance near 1.1820, holding its course near the 30‑SMA on four‑hour charts. A break above 1.1800/1.1820 could trigger another leg up toward 1.1850–1.1900, while dropping below 1.1720 might invite profit‑taking.
As Europe’s economy meets fresh data next week and U.S.–EU trade tensions simmer, market mood could swing once again. With EUR/USD riding high near multiyear peaks, every upcoming headline may tip the balance.