EURUSD H4 Time Frame analysis Market is moving in the Box Pattern and the Market has reached the horizontal Support area of the Pattern.
Where is EURUSD Today
The EURUSD currency pair is being quite unpredictable today as we’re seeing no real trend or patterns on its charts. It is slightly bullish if we look at the longer-term but as of today, it is being very unstable as it jumps and drops quite frequently. This movement has a lot to do with the current French elections which is pulling the pair towards resistance, and the ongoing war in Ukraine which is pulling the pair towards support levels.
EURUSD M30 Time Frame Analysis Market is moving in the Descending Channel and the Market has Fallen from the Lower high area of the Channel.
As of right now, EURUSD is teasing around the 1.08 mark with no real hints as to where it is planning on shifting. Traders are recommended to hold positions as of right now until we figure out which direction this major currency pair is planning on moving.
French Elections
France is currently going through election season as the top contestants battle each other for the title of President. Emmanuel Macron who is the current President of France is the popular choice and the people’s favorite. His biggest competitor at the moment is Marine Le Pen who is slowly but surely becoming quite popular among the citizens as well. Macron had won the first round of the elections, securing 27.8% of the votes. Le Pen was not far behind with 23.2% of the votes. These top two contestants will move on to round two. Anything can happen at this stage as Le Pen is gaining popularity while Macron is failing to win over more people. Macron’s win in the first round has brought positivity to the EURUSD charts. He must win the second round as well to keep it going this way.
Macron held a speech after the win in the first elections. He states, “Nothing is settled and the debate that we will have in the coming 15 days is decisive for our country and our Europe. I don’t want a France that, having left Europe, would have as its only allies the international populists and xenophobes. That is not us. I want a France faithful to humanism, to the spirit of enlightenment.” Dominic Thomas, Commentor for CNN revealed his thoughts on the current elections. He states, “The widespread dissatisfaction with Macron (especially among the young) means that the outcome is uncertain and unpredictable. Le Pen will continue to exploit this, and a major political upset, therefore, remains possible. However much they may dislike Le Pen, there is a world of difference between her and Macron, and how she would disrupt European and global politics.”
Zelenskyy on Kramatorsk
Ukrainian President, Volodymyr Zelenskyy held an exclusive interview with Al Jazeera early on Monday. One of the topics of discussion was the recent train station attack in Kramatorsk. Kramatorsk was a peaceful city in Ukraine before the invasion of the Russian military. Ordinary civilians were going on about their day and using the train station for their daily travels. These were civilians who had no part in the war and were not involved in any malicious activity. The Russian military did not seem to care that they were civilians when they attacked the train station and killed and wounded several of them. This comes just a week after Russia announced a ceasefire. Russia claims that the people who were killed were military and not civilians but the photo and video evidence from the attack proves otherwise.
In this interview, Zelenskyy states, “The Russian soldiers who shelled the railway station clearly understood that there were civilians. We know there were no soldiers over there. They could not say that there were any soldiers there, or any military units close to there, and we clearly understood that they know what they are doing. Who are they killing? They are killing ordinary citizens, adults, and children. You’ve seen photos and there’s a video already. This is yet another piece of evidence and support for the fact that Russia is shooting and destroying civilians. It’s not about intimidation. That was a peaceful city and since my election as president, I’ve been there many times. And what I can tell you is that something like 40 people were already identified as killed and a couple of hundred wounded. Still, the search and rescue operation continues, and unfortunately, what we can say is that Russia is destroying the civilian population of Ukraine.”
Zelenskyy on Mariupol
In this interview, Zelenskyy was also asked to give an update on the crisis occurring in their port city, Mariupol. Mariupol was among one of the main targets for Russia as it is a port city that would give them access to the sea routes for trade. Russia had completely destroyed the city in its attempt to overtake it. The people of Ukraine have come out stating that they would rather be killed and the city be completely destroyed before the Russians can have it. Hundreds of thousands of Mariupol residents have either been killed or relocated. Only about a hundred thousand are still in the city or are completely missing.
On the Mariupol situation, Zelenskyy states, “Since the very beginning of the war, there were a lot of risks to a number of cities – and Mariupol was one of them. And since the beginning of the war, the whole city was blocked and then all the escape routes were blocked as well. Out of the 500,000 population of Mariupol, something like 400,000 have either been evacuated or killed. Now the population is about 100,000 and there are bodies of people all around the streets. They want to capture this city. Our soldiers are fighting until the very end, and they’re not willing to surrender.”
White House on Upcoming US CPI Data
The US is set to reveal its CPI data early on Tuesday which should reveal how much the citizens have spent in the month of March. Owing to the current inflation crisis, these numbers are forecasted to be through the roof.
Much of it is to be blamed on the crisis in Ukraine. Jen Psaki, White House Press Secretary, revealed the stance of the White House on the upcoming CPI data. She reveals, “We expect March CPI headline inflation to be extraordinarily elevated due to Putin’s price hike. We expect a large difference between core and headline inflation. At times, gas prices were more than one dollar above pre-invasion levels, so that roughly 25% increase in gas prices will drive tomorrow’s inflation reading.”
