EU Finalizes Trade Agreement with Mercosur, Eliminating €4.66 Billion in Tariffs
- Historic Agreement: The EU's trade deal with South American nations marks the end of over 25 years of negotiations, becoming the largest free trade agreement ever pursued by the EU, expected to eliminate €4.66 billion in export tariffs and significantly enhance trade relations with Mercosur.
- Market Impact: The agreement is projected to boost bilateral goods trade to €111 billion in 2024, with the EU primarily exporting machinery, chemicals, and transport equipment, while Mercosur focuses on agricultural products and minerals, fostering economic growth for both regions.
- Farmer Protests: Despite support from 21 countries, farmers in France and other nations protest against the deal, fearing that increased imports of cheaper agricultural products will harm domestic farming, with France's Agriculture Minister vowing to continue fighting for rejection in the EU assembly.
- Environmental Concerns: Environmental groups oppose the agreement, arguing that imported goods may come from deforested lands, highlighting the potential disastrous impact on the Amazon rainforest and urging EU lawmakers to prioritize environmental protection.
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Technical Analysis for U
Technical Sentiment Analysis for Union (U) As of , Union (U) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for U stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, U is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Union (U) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.97 | 0.977 | 0.989 | 0.996 | 1.007 | 1.014 | 1.026 |
| Fibonacci | 0.977 | 0.984 | 0.989 | 0.996 | 1.003 | 1.007 | 1.014 |
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