EUR/USD: "bears" leveled the price gap at the opening of tradin
Current trend
During the Asian session, the EUR/USD pair is declining, opening with a slight positive gap. Now the "bears" have leveled the gap, and the instrument is retesting 1.0880 for a downward breakdown.
The market's general situation changes slightly, and the demand for risky assets remains under pressure. Despite the growing sanctions, Russia continues to conduct a special military operation on the territory of Ukraine, while peace negotiations have almost completely faded. Last week, the EU countries agreed on a new, already the fifth package of sanctions, which, among other things, provides for new restrictions on the import of Russian coal: a complete ban on the purchase, import, or transit of solid fuel. The bill will take effect from August 10, and before that, the parties can fulfill contracts concluded before April 9. Thus, the EU authorities want to prevent the worsening of the situation with inflation, which is currently reacting sharply to the dynamics of the commodity areas. The key issue with importing oil and natural gas is still open. The European authorities have not yet developed a unified attitude towards the Russian oil embargo, although certain steps are being taken in this direction.
Meanwhile, traders continue to monitor the results of the presidential elections in France. After counting 97% of the votes in the first round, incumbent President Emmanuel Macron takes the lead with about 27.6% of the vote. Second place goes to the head of the right-wing National Rally party, Marine Le Pen. The next round of elections is due on April 24.
Support and resistance
Bollinger bands are moderately decreasing on the daily chart, and the price range is expanding from below, letting the "bears" renew local lows. The MACD indicator is trying to reverse into an upward plane, keeping the sell signal (the histogram is below the signal line). Stochastic shows a similar trend, reversing upwards near its lows, signaling that the euro is oversold in the ultra-short term.
Resistance levels: 1.0900, 1.0957, 1.1000, 1.1051.
Support levels: 1.0860, 1.0835, 1.0800, 1.0767.
During the Asian session, the EUR/USD pair is declining, opening with a slight positive gap. Now the "bears" have leveled the gap, and the instrument is retesting 1.0880 for a downward breakdown.
The market's general situation changes slightly, and the demand for risky assets remains under pressure. Despite the growing sanctions, Russia continues to conduct a special military operation on the territory of Ukraine, while peace negotiations have almost completely faded. Last week, the EU countries agreed on a new, already the fifth package of sanctions, which, among other things, provides for new restrictions on the import of Russian coal: a complete ban on the purchase, import, or transit of solid fuel. The bill will take effect from August 10, and before that, the parties can fulfill contracts concluded before April 9. Thus, the EU authorities want to prevent the worsening of the situation with inflation, which is currently reacting sharply to the dynamics of the commodity areas. The key issue with importing oil and natural gas is still open. The European authorities have not yet developed a unified attitude towards the Russian oil embargo, although certain steps are being taken in this direction.
Meanwhile, traders continue to monitor the results of the presidential elections in France. After counting 97% of the votes in the first round, incumbent President Emmanuel Macron takes the lead with about 27.6% of the vote. Second place goes to the head of the right-wing National Rally party, Marine Le Pen. The next round of elections is due on April 24.
Support and resistance
Bollinger bands are moderately decreasing on the daily chart, and the price range is expanding from below, letting the "bears" renew local lows. The MACD indicator is trying to reverse into an upward plane, keeping the sell signal (the histogram is below the signal line). Stochastic shows a similar trend, reversing upwards near its lows, signaling that the euro is oversold in the ultra-short term.
Resistance levels: 1.0900, 1.0957, 1.1000, 1.1051.
Support levels: 1.0860, 1.0835, 1.0800, 1.0767.