Euro Continues Downward Slide See where $EURUSD is headed now: Forex Trading
in America, as bond yields spike. Beyond that, people are worried about a global recession, something that seems very likely at this point. After that, we have the geopolitical tensions between the Russians and the Ukrainians, and that has people looking to pull money back into the safety of the US dollar. Furthermore, if a land war breaks out in Europe, a lot of people would be a bit nervous about having money and that part of the world.
Whether or not the Russians actually invade the rest of Ukraine is a completely different question, and one that you just never know the answer to. One thing is for sure: it has certainly grabbed all the headlines, and it is obvious that it is the one thing that everybody seems to be paying attention to. In that scenario, it is very difficult to trade, because regardless of which you may or may not believe, the reality is that you have no control over it.
You can see that we recently formed a bit of a double top above, which is a bearish pattern. Whether or not we drop all the way down to the previous lows is open for debate, but I think at this point you need to see the occasional rally as a potential selling opportunity at the first signs of exhaustion.
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