EUR/USD rallies as 'Sell America' trade gains momentum
EUR/USD has surged to test 1.0950 resistance as the 'Sell America' trade theme accelerates, marking a significant sentiment shift in forex markets. The pair gained 0.7% (75 pips) during Asian and early European sessions, driven by growing concerns over US fiscal policies and trade protectionism. European traders are positioning for potential dollar weakness ahead of key US economic releases this week. Gold has simultaneously climbed 1.2% to $2,080/oz, confirming the risk-off sentiment toward USD assets. Technical analysis shows EUR/USD breaking above the 200-day moving average at 1.0920, with next resistance at the psychological 1.1000 level. The Nasdaq futures dropped 1.8% while S&P 500 futures fell 1.5%, reflecting broader equity market concerns. Traders should monitor the 1.0900 support level, as a break below could signal profit-taking and temporary dollar recovery.
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