EUR/USD tests 1.1710 as far-right targets EU's von der Leyen

EUR/USD faces pressure near 1.1710 as political uncertainty emerges in the European Union with far-right lawmakers preparing a no-confidence vote against EU President Ursula von der Leyen. The motion centers on the 'Pfizergate' controversy involving alleged lack of transparency in COVID-19 vaccine procurement negotiations with Pfizer during 2021. While the vote faces significant hurdles to pass, the political instability adds to existing headwinds for the euro, which has struggled amid diverging monetary policy expectations between the ECB and other major central banks. Technical indicators show EUR/USD testing resistance at 1.1710, with support established at 1.1680. The political development compounds concerns about EU governance stability, potentially limiting euro upside despite recent dollar weakness. Traders should monitor parliamentary developments closely as any escalation could trigger risk-off sentiment, benefiting safe-haven currencies at the euro's expense.