The euro is down nearly a full cent
The US dollar is universally strong today but the euro is near the bottom of the pack.
A big part of that reason is the fear that the trade war isn't over; it's just moving.
One option for the US is to hunker down and hammer out a deal with China. However, Trump might be content to let his tariffs run for awhile and allow the situation to cool before trying to make a deal. He could also want to campaign on continuing the battle with China, while saying Democrats would be soft.
That means shifting to Europe now is an option. It's always been the White House's plan to deal with Europe after China but there may be a window to do it now. If so, don't expect a big delay.
The two sectors to watch will be autos and agriculture. If so, keep a close eye on the euro. The first layer of support is the minor upward trendline and that should give way fairly easily. Next would would be the mid-June low followed by the May low. I would also expect those to break and then we're back into the void separating it from the 2017 lows near 1.04.
