EUR/USD surges to a new 2025 high above 1.0800 high as dollar comes unstuck

In noting the new 2025 high in the GBP/USD in the previous update, the slide in the US dollar has of course also delivered a fresh 2025 high for the EUR/USD. The Euro rose to above its 200 day moving average yesterday (at 1.0722 this morning) and extended that move into the US close. Once again this was all due to the continued stop start tariff confusion from the US president yesterday, but the US data did not help the dollar much either. In fact the Euro came very close to testing an important Fibonacci correction level last night too, at 1.0804. That price point represents a 61.8% correction of the 1.1214-1.0141 fall. The EUR/USD reached 1.0797 last night and later closed at 1.0789. Earlier this morning the Euro pushed above that 1.0804 level, reaching a new 2025 high, at 1.0820. As with the GBP/USD it has dropped back from that high now. The low seen earlier was set at 1.0784, but it is back above that 1.0800 handle again right now. The risks of further upside looks all too clear. The EUR/USD is currently trading at 1.0801