The situation in Ukraine has not changed, and it is even getting worse. Markets remain in a state of great uncertainty as new sanctions are imposed on Russia and on Russian resources. Let’s focus on the EURUSD currency pair. Below is an image from the perspective of W1. Under normal market conditions, we would have the perfect signal for a rebound after a long trend. But now the situation is based on a war, an event influenced by one man, one state. From a technical point of view, a break above the trend line would give a chance for more growth. However, on the logical side, the crisis may even deepen.
Yesterday I heard the information that Europe is not entirely convinced of full sanctions against Russia. Several countries are so dependent on Russian resources that a full resignation would cut off gas in citizens’ homes. For this Hungary, which is headed by Orban. A man who probably has personal interests with Putin and who is the same hyena for money as Putin himself. For this reason Orban does not want to cut himself off from Russia because he makes too good money on it and is therefore such a complete snob that he has forbidden the transport of aid to Ukraine through Hungary. I do not use stronger words on purpose, even though I would like to … His behavior contributes to the deepening of the crisis in Ukraine, which was attacked by his colleague Putin.
What do we expect in this situation on the chart ..? I would count on a rebound, as well as in the GBPUSD pair, but I have the news that this is not the final low yet. I recommend reducing your position and making smaller trades due to the high volatility in the markets.