EUR/USD rises above 1.0400 as risk-off sentiment weighs on dollar
EUR/USD advanced 0.4% to 1.0420 as mounting global risks prompted a retreat from the US dollar despite relatively weak eurozone fundamentals. The euro's gains reflect broader risk-off sentiment rather than euro-specific strength, with traders reducing dollar exposure amid geopolitical uncertainties and trade policy concerns. European equities fell 0.6%, highlighting the defensive market mood that paradoxically supported the euro against the greenback. Technical indicators show EUR/USD breaking above the 1.0400 psychological level, with next resistance at 1.0450. Support has formed at 1.0380, coinciding with the 20-day moving average. The pair's upward momentum could extend if risk aversion intensifies, though any positive US economic surprises or trade clarity might quickly reverse euro gains given underlying eurozone economic challenges.
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