The EURUSD price could continue to fall this week as conflict continues between Ukraine and Russia. In this video we highlight the key supply zones to watch for trading opportunities.
Watch the video to learn more…
The EURUSD price has fallen aggressively as the conflict in Ukraine intensifies. As the war continues to escalate the more pressure could be put upon the Euro in the short term and we could see the currency depreciate further. The ECB have also recently come out and said they will leave rates unchanged to be flexible due to the risk in the markets. The USD has strengthened not only due to a rising inflation rate but due to the risk off sentiment. If this continues then the EURUSD bearish trend will continue.
The weekly time frame shows the price breaking through key support zones. The momentum in the market is with the sellers currently which is outlined by the 4hr bearish trend. If the trend is going to continue we should look for selling opportunities at key supply zones. The price is currently at one of the supply zones and if the price were to begin to move lower here by forming a new low on the 15 minute time frame we can look for short opportunities. Alternatively, we can look for a higher supply zone to come into play as it has been untested as the price has moved lower. Again if the price gets to this level and we see bearish price action we can look for short opportunities.
Have you seen our EURCHF analysis? you can find it here.
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