The core bullish logic:Euro vs United States DollarTICKMILL:EURUSDRyan_Lewis1The credit margin of the US dollar has weakened, while the allocation value of the euro has risen. The structural share of US dollar reserves has declined: According to the IMF COFER data, in Q2 2025, the proportion of US dollar foreign exchange reserves was 56.32% (the peak in 2020 was 62.14%), after excluding the effect of exchange rate valuation, the actual reduction in scale was 1.2 trillion US dollars. The proportion of euro reserves was 21.13% (up by 0.8% compared with the previous period), becoming the core alternative currency for global central banks in the process of "de-dollarization". The annual increase in the demand for euro reserves was approximately 300 billion euros, providing long-term buying support. The acceleration of currency substitution for trade settlement: In trade between the eurozone and ASEAN, the euro settlement share rose from 38% in 2023 to 45% in Q3 2025. Among them, the euro settlement share in energy trade exceeded 50% (dominated by countries such as Russia and Saudi Arabia), and the real demand for euros in trade increased by 12% year-on-year, directly reducing the impact of exchange rate fluctuations on trade and strengthening the anchoring effect of the euro exchange rate. Trading Strategy for EUR/USD buy：1.16300-1.16400 tp:1.16700-1.16800 sl:1.16000