In case you missed it, Trump announced 25% tariffs on imported autos late yesterday. This is weighing on European auto stocks today with notable losses for Mercedes-Benz Group and BMW exceeding 5%.
Technically, we can see in the 4 hour chart below that we have a strong support zone around the 22,223 level where we can also find a trendline for confluence. Overall, the market might stay on the defensive trading into the April 2nd event but that support is something the dip-buyers will be eyeing.
This article was written by Giuseppe Dellamotta at www.forexlive.com.