$EURUSD Forecast: Corrective advance meant to be short-lived by valbednarik forex trading
cy. European Commission President Ursula von del Leyen hit the wires and said that new sanctions against Russia, expected to be announced this Wednesday, would not be the last. The US is also expected to announce new measures against Moscow. The focus is on Russian energy, as the EU is planning to ban coal imports from the country while looking to cut its dependence on gas andMeanwhile, inflation heats up as tensions between the West and Russia exacerbate bottlenecks and supply-chain issues.
The 4-hour chart shows that technical indicators have corrected extreme oversold readings but turned flat within negative levels afterwards, indicating absent buying interest. Meanwhile, the 20 SMA maintains a firmly bearish slope below the longer ones, capping the upside a few pips above a Fibonacci resistance level at around 1.0965.View Live Chart for the EUR/USD
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