US Bans Russian Oil, EUR Gains Ahead of Tomorrow’s ECB Decision

EQUITIES SLIDE ON US BAN ON RUSSIAN OIL, EUR HIGHER BUT ECB LOOMS

The US dollar continued trading higher against most of the other major currencies on Tuesday and during the Asian Wednesday. It lost ground only versus EUR, while it was found virtually unchanged against GBP.

EURO STOXX 50 — TECHNICAL OUTLOOK

The Euro Stoxx cash index traded higher yesterday, after it hit support near the 3400 zone on Monday. However, it remains well below both the prior upside line taken from the low of May 13th and the downside one drawn from the peak of January 5th, and thus, we will consider the recovery as a corrective bounce. We still believe that the near-term outlook is negative.

EUR/JPY — TECHNICAL OUTLOOK

EUR/JPY has been trading in a recovery mode since Monday, when it hit support at 124.40. However, yesterday, the rate hit resistance at 126.75, still below the downside resistance line drawn from the high of February 10th. With that in mind, we will consider the recovery as a corrective move, and the broader short-term path to be still negative.

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