Fundamentals:
Transatlantic relations are not too smooth at the moment either as EU is finalizing a list of American goods to target with retaliatory levies in an event Trump imposes tariffs on car imports, trade Chief Cecilia Malmstrom said. He is expected to make a decision by 18 May. Elsewhere, the escalating trade tensions added bearish pressure to the currency as China retaliated by raising duties to 25% on $60 billion worth of US goods starting from 1 June, defying Trump's warning against substantial retaliation.
Technical analysis:
Sell entry: 1.1248
Why it's good: This is a very nice resistance with 100% fibonacci extension, swing high resistance and descending resistance.
Take profit: 1.1169
Why it's good: 61.8% Fibonacci retracement and nice swing low support
Stop loss: 1.1281
Why it's good: above a swing high resistance and also 76.4% Fibonacci retracement
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