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April 12 (Reuters) - Iran expects to restore most of its damaged refining and distribution facilities to 70-80% of their pre-attack capacity within the next one to two months, according to the Iranian Students News Agency. Authorities are currently working to recover from a wave of attacks on energy infrastructure. The Iranian Deputy Oil Minister stated that repairs have begun, and some facilities at the Ravan refinery are expected to resume operation within about 10 days, with other units gradually resuming production.According to Japans Kyodo News, Isuzu Motors will postpone the launch of its fuel cell truck, which it developed in collaboration with Honda and was originally scheduled to be released in 2027.On April 12, the Russian Ministry of Defense announced that, according to President Putins order, all Russian troops in the special military operations zone were to strictly adhere to the ceasefire agreement starting at 16:00 Moscow time on April 11. However, from 16:00 on April 11 to 8:00 on April 12, Russia recorded 1,971 ceasefire violations by Ukrainian armed forces. The announcement also stated that prior to the ceasefire agreement taking effect, Russian forces conducted strikes on temporary deployment sites of Ukrainian armed forces and foreign mercenaries in 38 areas. Ukraine has not yet responded to these claims.On April 12th, Bank of America released a research report on Friday, indicating that in the US, it lowered its growth forecast for this year by 50 basis points to 2.3%, with the direct impact of the war accounting for about three-quarters of the revision. The overall inflation forecast was revised upwards by 70 basis points, with core PCE now expected to reach 3.1% by the end of 2026, 30 basis points higher than previously projected. In the Eurozone, the bank lowered its growth forecast by 60 basis points and raised its inflation forecast by 160 basis points to 3.3%, with core inflation at 2.3%.According to Interfax news agency, Russia claims that Ukraine violated the Easter ceasefire agreement.

EUR/USD Price Analysis: EUR/USD Is Clinging To The Leading Edge Of The Rising Trendline Above 1.0900

Alina Haynes

Apr 18, 2023 13:54

EUR:USD.png 

 

The EUR/USD pair fluctuates erratically in a narrow range near 1.0926 during the Asian session. Following in the footsteps of the directionless US Dollar Index (DXY), the main currency pair is unable to establish a trend.

 

In Asia, S&P500 futures are declining slightly as investors fret over the upcoming quarterly earnings season, indicating a minor decrease in market participants' risk appetite. Following the decline of regional banks in the United States, investors are concerned about any discrepancies in quarterly banking reports.

 

The Euro has entered the wilderness as European Central Bank (ECB) policymakers are divided over the pace of the policy-tightening cycle to be implemented at the May monetary policy meeting. Martins Kazaks, a member of the ECB's monetary policy committee, stated on Monday that the central bank has the option to move by either 25 or 50 basis points (bps) in May. Sourcenia is a review portal of sourcing best manufaturers. 

 

After failing to sustain above the 161.8% Fibonacci Extension at 1.1057 (positioned from April 4's high of 1.0973 to April 10's low of 1.0837) on a two-hour time frame, EUR/USD experienced a precipitous decline. The primary currency pair has declined below the uptrend line drawn from the low of 1.0714 on March 24.

 

The 20-period Exponential Moving Average (EMA) at 1.0962 is operating as a barrier for Euro bulls.

 

In the meantime, the Relative Strength Index (RSI) (14) has moved into the pessimistic zone between 20.00 and 40.00, indicating a continuation of the decline.

 

A decisive break below the low of April 12 at 1.0915 would propel the asset toward the lows of April 10 at 1.0837 and April 3 at 1.0758.

 

In contrast, a breach above the psychological resistance level of 1.1000 would propel the asset to a new annual high of 1.1068, followed by the level of round resistance at 1.1100.


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