EURO FALLS TO LOWEST SINCE JUNE 2020: TENSIONS BETWEEN RUSSIA AND UKRAINE PICKED UP
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Author: Amar – Technical Analyst

The euro has made its lower level across the US dollar since June 2020 yesterday and
Russian rubles were reduced in volatile trade, as the invasion of Russia intensified in the
intensified invasion and rose oil prices. The US Dollar Index, which measures the greenback
against a coin basket, jumped together and lasted 0.6%, as investors went into security bets.
The investors were at the edge of the latest developments in Ukraine. According to a local
report, Russia warned Kyiv residents to flee their homes, and Russian commanders shifted
tactics to intensify the bombardment of Ukrainian cities.

The Council of the European Union (EU) voted on Tuesday through sanctions to
exclude some Russian banks from the SWIFT system. A meeting of ambassadors from the
bloc’s member countries also led to a vote on banning the Russian media channel Sputnik. The
European Union, the United States, France, Germany, Italy, Canada and the United Kingdom
approved on Saturday to ensure that the selected Russian banks of Swift are eliminated to
damage their worldwide operability.

Today’s opening of the market showed EUR/USD keeps the bounce off short-term
support while taking rounds to 1.1125. The main currency pair was reduced from 21 months
of the previous day to the lowest level, from November 2021 at around 1,1080. However, it
should be noted that EUR/USD weakness beyond 1.1080 will not hesitate to reach the 61.8%
Fibonacci level.