Market sentiment seen trying to recover in yesterday’s European session did not last long as risks continued to engulf the market with investors remaining vigilant following the development of the protracted Russia-Ukraine crisis.
Although the President of Ukraine, Volodymyr Zelenskyy made a statement that he believes war will not happen. However, attempts to allay the concerns were unsuccessful as the United States (US) and European authorities also intervened by imposing sanctions on Russia.
Thus, market sentiment returned to risk in the New York session yesterday showing a slight strengthening of the US dollar after the decline in the king of the currency in the previous session.
Examining the price chart of the major currency pair EUR/USD yesterday, it can be seen that the price showed an increase in the European session but was pressed again in the New York session.
Analysts still assess the price movement to be in a bearish trend with the expectation that the decline in prices will continue while the development of the Russia-Ukraine crisis is still being monitored.
The permanent decline is expected to head to the zone around 1.12700-1.12500 to give an important reaction for further price movement indicators.
The lower decline will lead to the level around 1.12000 before continuing further decline to reach the support zone 1.11300.
As for the expected price increase, the SBR (support become resistance) zone at 1.14000 will be tested which so far is still a resistance for the price since last week.
The higher rise will head back to the resistance zone at 1.14800 which has been tested since early February but has not yet managed to break the price.
