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Market Outlook
EURUSD at 2 decades low as crisis looms. - Zeal Capital Market

EURUSD at 2 decades low as crisis looms.

07-07-2022 06:02

“Rising energy cost in Europe poses great threat towards its economic outlook.”

Euro plunged towards 20-years low against the greenback as Europe’s energy crisis casts a bleak shadow over its economic outlook. German Chancellor Olaf Scholz urged for a swift transition towards green energy to counter Russia’s move of using commodity as a political weapon. With energy crisis brewing in Europe, the single economic bloc may face higher energy cost soon. Although European Central Bank signaled to control inflation by tightening their monetary policy soon, economists feared that it may not be sufficient.

Quick recap on EURUSD

EURUSD remains tilted towards the downside as it continues to trade within a descending channel.

EURUSD Weekly Technical Analysis

EURUSD at 2 decades low as crisis looms. - Zeal Capital Market

From weekly perspective, MACD portrays increasing bearish momentum, an imminent signal towards further downside.

EURUSD Daily Technical Analysis

EURUSD at 2 decades low as crisis looms. - Zeal Capital Market

From daily perspective, the pair extended its losses after successfully breaching the strong support at 1.0381.

Trading Idea

EURUSD at 2 decades low as crisis looms. - Zeal Capital Market

ORDER: SELL STOP

ENTRY: 1.0130

STOP LOSS: 1.0180

Target 1: 1.0060

Target 2: 1.0000

ZFX Analyst’s Comment

EURUSD is expected to extend its losses in mid-term due to prominent bearish signal in both weekly and daily chart.

Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.

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