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On May 10th, Canadian Prime Minister Mark Carney stated at a political conference in Toronto on Saturday that Canada is willing to establish closer trade ties with the United States and Mexico in specific industries to boost the North American economy. He mentioned the "North American Fortress" initiative but did not specify any particular sectors. Carney indicated that if this approach fails, Canada will invest heavily in new markets and new products. The United States, Mexico, and Canada are scheduled to begin reviewing a trade agreement this year. Trump has already imposed tariffs on products such as automobiles and steel, disrupting the closely intertwined supply chains among the three countries. Carney had previously set a goal of doubling exports to countries outside the United States within ten years.The Bahraini Foreign Minister demanded that Iran cease its aggressive and provocative actions against Bahrain and other countries in the region, as well as its egregious interference in their internal affairs.Bahrains Foreign Minister: Bahrain condemns and strongly condemns Irans continued interference in its internal affairs and its actions that threaten the security and stability of the Gulf states.Commander of the Aerospace Force of the Iranian Islamic Revolutionary Guard Corps: The Aerospace Forces missiles and drones have locked onto the enemy, and we are awaiting the order to launch.On May 10th, local time, the final vote count for the 136th Local Council of England was released, completing the election results for the English Local Council, as well as the Scottish and Welsh Parliaments. In this election, both of Britains traditional two major parties, the Labour Party and the Conservative Party, suffered significant setbacks, while the Reform Party, the Green Party, and other parties saw a marked increase in strength, further highlighting the trend of "fragmentation" in British politics. Data shows that in the English Local Council elections, the Reform Party won 1453 seats, becoming one of the biggest winners; the Labour Party won 1063 seats; and the Conservative Party won 801 seats. Analysts believe that this British local election demonstrates that the traditional two-party (Labour and Conservative) dominance in Britain is being significantly challenged. British politics is further developing towards multi-party competition and political fragmentation.

Analysis of the EUR/USD Price Indicates 1.0930 Is a Crucial Resistance Level for Bulls

Daniel Rogers

Apr 04, 2023 14:39

 EUR:USD.png

 

EUR/USD sustains its week-beginning strength as bulls approach the crucial 1.0930 resistance level, trading near 1.0910 as of early Tuesday press time.

 

In doing so, the EUR/USD pair validates the bullish MACD signals and the ascending RSI (14) line, indicating it is not overbought.

 

The Euro pair's effective trading beyond the convergence of the 21-DMA and the 50-DMA, around 1.0730-25 at the time of publication, strengthens the bullish outlook.

 

As a result, EUR/USD purchasers are likely to surmount the critical resistance area comprised of multiple levels marked since late January 2023.

 

The Year-to-Date (YTD) high of 1.1033 could act as a further filter to the north before directing EUR/USD investors to the 61.8% Fibonacci Expansion (FE) of its November 2022 to March 2023 moves near 1.1190.

 

It should be noted that the psychological magnetism of 1.000 can also be used to verify Euro-Pair purchasers.

 

In the interim, a downside break of the aforementioned DMA confluence near 1.0730-25 is not an open invitation to the EUR/USD bears, as an ascending support line from September 2022, close to 1.0630 at the absolute minimum, could act as the buyers' last line of defense.

 

A decline to the previous monthly low of 1.0548 cannot be ruled out if the Euro-U.S. dollar exchange rate remains below 1.0630.