The noise around tariffs continues as we await the official announcement at 16:00 ET/20:00 GMT. The French Government Spokeswoman Primas said that France expects “powerful” tariffs in the range of 20-25%.

Although this might not be the catalyst, the USD caught a bid with risk assets turning lower. The EURUSD price action in the past days has been lovely for technical traders as the pair has been following almost perfectly the trendlines both on the upside and the downside.

The sellers will likely continue to lean on the downward trendline to keep pushing into new lows, while the buyers will look for a break higher to start targeting new highs.