Republican leaders in the Senate continue to struggle to secure enough votes to pass Donald Trump's $3.3 trillion tax and spending bill, as protracted internal party disputes threaten to undermine the legislative foundation of the president's domestic agenda.

Despite active support from the White House, some Republican senators have voiced concerns about a potential increase in the budget deficit that could result from the proposed tax breaks for corporations and wealthy individuals. Meanwhile, moderate Republicans are pushing for the inclusion of provisions aimed at supporting the middle class and expanding access to healthcare, further deepening divisions within the party. Democrats, for their part, are united in opposing the bill, arguing that it unfairly redistributes wealth in favor of the rich and harms the environment. They are calling for a more balanced approach that takes into account the interests of all social groups and promotes sustainable economic growth.

Senators are expected to vote Tuesday morning on a number of amendments to the sweeping bill, including proposed provisions on energy and healthcare, which could further inflame intra-party disagreements. Key points of contention include cuts to social welfare programs, clean energy tax credits introduced by the previous administration, and the overall cost of the legislation.

According to media reports, eight key Republican senators are currently withholding support, and Senate Majority Leader John Thune can only afford to lose three Republican votes and still pass the bill.

Trump has remained in close contact with lawmakers, stating that the White House remains optimistic that the Senate will be able to sign off on the bill by Friday. Just after midnight, Trump once again praised the bill on Truth Social, warning that failure to pass it would result in a historic tax hike. Treasury Secretary Scott Bessent, who has been actively involved in the negotiations, also expressed optimism that the Senate would pass the legislation in a relatively short timeframe.

It is worth noting that before the Senate even reaches a final vote on the bill, lawmakers must work through dozens of amendments—most of which are expected to fail. However, the outcome of some of these votes will test Trump's limits as a negotiator and may ultimately determine the fate of the legislation.

In addition to the disputes over energy and healthcare, amendments related to cryptocurrency taxation have also been proposed.

Supporters of the crypto industry are rallying behind an amendment introduced by Senator Cynthia Lummis aimed at modifying the taxation of digital assets. The crypto-friendly Republican from Wyoming is pushing to include provisions to address unfair double taxation of cryptocurrencies.

Technical Outlook for EUR/USD

As for the current technical picture of EUR/USD, buyers now need to focus on reclaiming the 1.1800 level. Only this would allow for a test of 1.1840. From there, a climb toward 1.1875 becomes possible, although achieving this without support from major players may prove difficult. The most distant target is the 1.1905 high. In the event of a decline, I expect major buyers to become active only near the 1.1750 level. If no support appears there, it may be prudent to wait for a retest of the 1.1686 low or consider opening long positions from the 1.1640 level.

Technical Outlook for GBP/USD

As for GBP/USD, buyers of the pound need to push through the nearest resistance at 1.3766. Only then would a move toward 1.3810 be feasible, although breaking above that level will be quite challenging. The furthest target lies in the 1.3850 level. In the event of a decline, the bears will likely try to regain control of the 1.3720 level. If they succeed, a breakout from that range would deal a serious blow to the bulls and push GBP/USD down toward the 1.3678 low, with a further prospect of reaching 1.3640.