The euro rallied significantly to erase previous losses against the U.S. dollar, up 1 percent to settle at $1.16827 on Friday. For the past two weeks, the pair hobbled in a range between 1.171 and 1.151 and tends to remain in a mire for some time.
The pair pulled back later on Monday morning as the European Union set an announcement that they would impose a $30 billion’s retaliated tariffs on U.S. goods, which accounts for around 19% of total U.S. exports, if U.S. continues its original decision about Trump’s tariff plan on car imports from Europe.
There’re some key events coming up this week. U.S. manufacturing probably continued to expand at a robust pace in June, economists forecast ahead of Monday’s release. While the U.S. payrolls are due Friday, which is estimated at 195,000 rise lower than the previous figure.
Technically, EUR/USD is now hobbling around the lower level within a year, and may continue to struggle on it this week. In the event that the pair breaks out the previous low near 1.151, further loss can be seen by investors. However, a positive RSI shows a potential rebound for the pair. The direction needs to be confirmed by any later breakout.
Chart 1: EURUSD Daily
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