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#forexbreakfast Forex – 14/02/2022


The EuroDollar exchange rate fell for a week, effectively undoing the bullish leg that appeared after the ECB meeting. The correction took place in the last session of the week when the escalation of geopolitical tensions led to an almost generalized weakness of the single currency (if we exclude Eastern European currencies). As a result, the exchange rate is returning to the support area defined by medium-term static support and short-term dynamic support (1.1275/1.1241).

Source: https://www.tradingview.com/chart/?symbol=TVC%3AUKOIL



This has been a particularly bad week for the ruble, the worst currency of early 2022, which is now completely decorrelated from the oil trend and solely sensitive to the evolution of geopolitical tensions on the Ukrainian front. On the technical front, the EurRub exchange rate has remained within the bullish channel that has been in place since October of last year. As a result, the upper and lower parts of the channel (90 and 85.70, respectively) identify the most important resistance/support levels at this time.

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