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(U2) Solid Bounce Into the Close


Bullish Price Structure


Clears Key Support


Retracement Mode


Oil Supply Constraints Trump Lower Demand


Pullback Considered Corrective

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EUR/USD continues to shift aggressively lower, with worries re: Western sanctions on Russian oil exports gathering steam since the backend of last week. Europe’s proximity to the conflict and reliance on Russian energy flows continue to generate worry re: Eurozone growth headwinds/a stagflationary shock in the single currency zone.

  • That rate has printed as low as $1.0822, although it sits off of worst levels, last -85 pips around $1.0845. Technically, an extension through session lows would open the way to the May 7 ’20 low ($1.0767), after the contract showed through the 2.236 projection of the Jen-Jun-May ’21 price swing ($1.0824).
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |

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