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On April 5th, according to a report by the Islamic Republic News Agency (IRNA), Iranian First Vice President Aref posted on social media that US President Trump is still stuck in the "Stone Age" by threatening other countries at the expense of the American peoples well-being. Aref said that Trump, citing war as a pretext, claimed he couldnt simultaneously provide for the American peoples "kindergarten and healthcare," and is now threatening to destroy Iranian power plants and bridges. "A person who threatens other countries at the expense of his own peoples well-being is still stuck in the Stone Age," Aref added. He also said that Iran has chosen a different path, continuing its construction even under pressure.According to Irans Mehr News Agency, Masoud Zare, commander of the Iranian Army Air Defense Academy, was killed in a US-Israeli attack inside Iran.April 5th - OPEC website announced that Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman have decided to adjust their production by 206,000 barrels per day from the additional voluntary production cut of 1.65 million barrels per day announced in April 2023. The adjustment will take effect in May 2026.On April 5th, Hungarian Foreign Minister Szijjártó stated in Budapest that, given the increasing frequency of attacks on the TurkStream gas pipeline, Hungary will provide military protection for the Hungarian section of the TurkStream pipeline, including the section from the Serbian-Hungarian border to the Slovak-Hungarian border. Szijjártó stated that Ukraine first destroyed the Nord Stream gas pipeline and then blocked the Friendship oil pipeline, cutting off Russian oil supplies to Hungary and Slovakia. In recent weeks, Ukraine has used dozens of drones to attack the TurkStream pipeline, which is located in Russia and also transports natural gas to Hungary.The statement indicates that OPEC+ is scheduled to hold its next Joint Ministerial Monitoring Committee (JMMC) meeting on June 7.

EUR/USD Price Analysis: Moves upward past the 1.0710 level of support

Daniel Rogers

Jan 11, 2023 12:05

 EUR:USD.png

 

During Wednesday's sleepy mid-Asian session, EUR/USD re-establishes its intraday high above 1.0750, extending the day-start recovery. Consequently, the major currency pair demonstrates minor advances within a three-day-old rectangle pattern.

 

The buyers remain hopeful despite the pair's spectacular return from the weekly support line and better RSI (14) levels. The crossing of the 100-HMA below the 200-HMA, also termed as a bull cross, bolsters the upside bias.

 

As a result, the EUR/USD pair is projected to exceed the immediate barrier around 1.0760, which might propel prices towards the May 2022 peak near 1.0785. Nonetheless, the 1.0800 round number and the projected overbought RSI (14) conditions at that level could represent a threat to pair buyers in the future.

 

Should the EUR/USD price move higher than 1.0800, the March 2022 low near 1.0810 might serve as the last line of defense for selling before the psychological 1.1000 level becomes the focal point for bulls.

 

On the other side, an upward-sloping support line from Monday, which was around 1.0735 at the time of writing, precludes immediate EUR/USD decline ahead of the stated rectangle's bottom near 1.0710. Nevertheless, the late-December highs offer impetus to the 1.0710 support level.

 

Even if the price goes below 1.0710, the 100-HMA and 200-HMA may withstand the pair's continuing descent around 1.0645-40.


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