EUR/USD pressured by trade uncertainty

The currency pair, EUR/USD is trading beneath 1.11; it is consolidating its gains. Such has happened as there is tension borne out of the uncertainty regarding the U.S. tariffs being planned to be placed on China. Pressure is also being felt as U.S. inflation is rearing its ugly head alongside the all-important Fed decision.

While this is the case, the EUR/USD is holding onto uptrend support. This converges with the previous resistance line of 1.1080. Suffcice it to say, the level is now critical. At present the EUR/USD trades above the 50, 100, and 200 Simple Moving Averages.