Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: EUR/USD slides to seven-month low, scope for further downside

• EUR/USD declined to its weakest level in seven months as higher energy prices and conflict concerns weighed on European currency .

• Europe relies heavily on imported oil and liquefied natural gas, making it especially vulnerable as prices have surged more than 25% to nearly $120 a barrel, raising concerns over supply shocks.

• An extended war may lift fuel and shipping costs further, worsening the weak growth outlook.

• European central banks faced market pressure on Monday to raise interest rates, with the ECB expected to hike by June or July.

• The French finance minister noted that G7 countries remain undecided on releasing emergency oil supplies as crude tops $119 per barrel.

•   Immediate resistance is located at 1.1537( Daily high), any close above will push the pair towards 1.1587( 50%fib)

• Strong support is seen at 1.1421(23.6%  fib) and break below could take the pair towards 1.1363 (Lower BB).

  Recommendation: Good to buy around 1.1450, with stop loss of 1.1500 and target price of 1.1350

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.