US’ trade war with the rest of the world and the resulting risk aversion in US stocks could hurt the greenback. The EUR/USD is charting a double bottom pattern with neckline hurdle of 1.1852. The EUR/USD rose to a 12-day high of 1.1721 in Asia and could rise further towards 1.1852 (double top neckline) as the trade fears and the resulting risk aversion in the US stock markets could keep the greenback under pressure. On Monday, the Dow Jones Industrial Average (DJIA) closed below the 200-day moving average (MA) – the first daily close below the long-term moving average since July 2016 on trade-related uncertainty. Reports hit the wires in Asian session yesterday that US is planning to block Chinese investments in US technology firms. Further, mixed messages from Mnuchin and Navarro regarding curbs on Chinese investments only bolstered the uncertainty, pushing the VIX index (uncertainty/fear gauge) to a high of 19.61 yesterday. Also, the index closed well above the psychological level of 15, signaling the risk-off tone may strengthen in the week ahead. Consequently, the greenback may remain on the back foot. Further, the rise in EUR/AUD and EUR/NZD could keep EUR/USD better bid. At press time, the currency pair is trading at 1.1712. EUR/UD Technical Levels Resistance: 1.1727 (4H 200MA), 1.1784 (Descending/bearish 10-day MA), 1.1838 (bearish 50-day MA). Support: 1.1699 (session low), 1.1649 (5-day MA), 1.1625 (200-hour MA). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next GBP/USD keeping a close eye on 1.33, but so far unable to make contact FX Street 5 years US' trade war with the rest of the world and the resulting risk aversion in US stocks could hurt the greenback. The EUR/USD is charting a double bottom pattern with neckline hurdle of 1.1852. The EUR/USD rose to a 12-day high of 1.1721 in Asia and could rise further towards 1.1852 (double top neckline) as the trade fears and the resulting risk aversion in the US stock markets could keep the greenback under pressure. On Monday, the Dow Jones Industrial Average (DJIA) closed below the 200-day moving average (MA) - the first daily close below the long-term moving average since… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.