According to the performance on the daily timeframe chart below, the EURUSD currency pair is still moving within a bearish channel that was formed recently since it abandoned the psychological resistance level at 1.1000.
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Developments in the natural gas market are seen as particularly supportive of the euro, thanks to the continued decline in prices.For his part, George Saravelos, a strategic analyst at Deutsche Bank in London, stated that “Prices have continued to reach new lows in recent days, which will reduce the energy bill in Europe.”
And at the time of writing, EUR/USD spot is priced at 1.0630 as a broader return to the greenback - associated with a recent set of stronger-than-expected US data - is running through global currency markets. But the analyst says dips in EUR/USD should be bought as the energy crisis fades in 2022.
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