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April 15 (Reuters) – Two U.S. government officials said on Tuesday that the Trump administration will allow a 30-day sanctions waiver for Iranian seaborne oil to expire later this week, as the U.S. currently blocks shipments from Iranian ports. The waiver, issued by the U.S. Treasury Department on March 20, allowed approximately 140 million barrels of oil to enter the global market and eased energy supply pressures during the war with Iran. U.S. Treasury Secretary Bessant stated last month that the waiver would expire on April 19. This move comes amid criticism from lawmakers of both parties for temporarily easing sanctions on Iran and Russia amid the ongoing U.S.-Israel war and the Russia-Ukraine conflict. One U.S. official said Washington has several tools at its disposal to target entities that purchase Iranian oil, including “secondary sanctions.” The source added, “Furthermore, with the reinstatement of UN sanctions on Iran and Iran’s history of attempting to cover up its illegal activities with seemingly legitimate ones, any transaction with Iran could trigger additional sanctions.”Market news: Two U.S. officials said the U.S. will allow temporary sanctions waivers targeting Iranian oil at sea to expire this week.Federal Reserve officials Paulson, Barkin, Collins, and Governor Barr will participate in a fireside chat at the Federal Reserve Boards working forum in ten minutes.Note: Federal Reserve Governor Barr did not comment on the U.S. economic outlook or monetary policy in his prepared remarks.Federal Reserve Governor Barr will deliver opening remarks in ten minutes at a working forum hosted by the Federal Reserve Board of Governors.

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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