Apologies for the gap in Market Analysis since the last posting. Let’s get started!
The big news was the Russian movement into Ukraine and it’s effects on the Euro. In light of that we’re going to take a slightly more in depth look at the EUR/USD pair.
Chart of The Day: EUR/USD
The Euro has taken a hit due to the news regarding the Russia/Ukraine tensions. Spill over of risk into the Eurozone banking sector is most likely the culprit of the sell off. The pair is still in a consolidation zone for the moment. Some chart technicians may see an expanding triangle signaling a further drop. That signal is more apparent in the standard D1 chart below the Wide D1.
There was quite a nice gap down to open the week followed by a 50% pull back on the H4 for a further move lower. It looks to be moving towards a test of the 1.3700 round number and then on to the W1 S/R level at ~1.3680.
In The News:
Yen Is Near One-Month High as Ukraine Crisis Fueling Volatility (Bloomberg)
04:30am GBP Construction PMI
07:30pm AUD GDP q/q
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