EUR/USD continues to grind higher, closes in on April high

The pair found it tough to seek clearance above 1.1500 since April but buyers are definitely making a go at it today. A push above the April high of 1.1572 will then take the pair to the highest since 2021. As Trump tariffs look set to be more of a TACO trade, the recent optimism on the European economic outlook is definitely working in favour of the euro here. That especially coupled with some pessimism on the US economy.

As for the dollar itself, it is still not receiving much love amid the loss of confidence and policy incoherence by the US administration.

Keep an eye out for EUR/USD to run some stops on a break to the upside here. If cleared, we could easily see it take out 1.1600 quickly before settling down a little.

This article was written by Justin Low at www.forexlive.com.