EURUSD tumbles lower on tariff fears. What are the technicals in play for the EURUSD now?

The EURUSD is moving lower as renewed tariff concerns weigh on market sentiment. The President announced that tariffs on Mexico and Canada will proceed as planned, while tariffs on China will increase from 10% to 20%. Additionally, concerns over potential European tariffs are adding pressure to the euro.

The pair has now fallen toward a key support zone, defined by a cluster of critical technical levels:

• 1.04065 – 38.2% retracement of the move up from the February low
• 1.0401 – Swing low from February 19
• 1.0405 – 50% retracement of the EURUSD trading range since the 2022 low

This confluence of support levels may lead to a temporary pause or reversal as traders react to the technical significance of this area.

The video above provides a detailed breakdown of these levels and explains their importance in the current market context.

PS Stocks have now moved lower with the broader S&P and Nasdaq leading the way.

• The S&P index is now down -15.99 points or -0.27% after trading as high as +37.63 points.
• The NASDAQ index is now down -150 points or -0.78% after trading as high as 167.43 points.

US yields are higher but steady. The 10 year is up 3.8 basis points at 4.286%. The two year yield is now up three basis points or 4.100%

This article was written by Greg Michalowski at www.forexlive.com.