Euro maintains its bearish technical stance and could pierce the 1.0800 threshold EUR EURUSD $EUR $EURUSD
The American Dollar and Gold made the most out of a risk-averse environment.EUR/USD pair
plunged to 1.0805, approaching slowly but steadily to the 1.0766 low of May 2020. Russian decision to invade Ukraine twelve days ago has put financial markets on their toes, with investors flying to safety. The dollar and gold are the ones making the most out of this war scenario.have exacerbated the dismal mood, as Russia has failed in providing safe corridors to evacuate civilians from some cities under attack.
On the data front, the EU published March Sentix Investor Confidence, which unexpectedly contracted to -7, much worse than the 5.3 expected and down from 16.6 in February. The US remained empty. On Tuesday, the EU will release the final revision of its Q4 Gross Domestic Product, foreseen unchanged at 0.3%QoQ. On the other hand, the US will release the January Goods Trade Balance and March IBD/TIPP Economic Optimism.The EUR/USD pair heads into the Asian opening, trading at around 1.0860, down for a fifth consecutive day.
In the 4-hour chart, technical indicators have corrected extreme readings but hold near oversold readings with modest bullish slopes, suggesting that the latest recovery was corrective instead of hinting at further recoveries. In the meantime, the 20 SMA has extended its decline below the longer ones, but above the current level, in line with a bearish continuation.
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