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EUR/USD, EUR/GBP and AUD/USD bounce off support as traders assess Russia-Ukraine crisis

EUR/USD, EUR/GBP and AUD/USD recoup yesterday’s losses as traders gauge the impact of increased sanctions on Russia.

​EUR/USD stabilises as traders assess Russia-Ukraine conflict

Yesterday EUR/USD slid to its May 2019 low at $1.1106 before recovering back towards the $1.1186 November low earlier today, as traders assess the Russia-Ukraine conflict and the impact of increased European sanctions on Russia.

Key support remains to be seen at the January and current February lows at $1.1122 to $1.1106 with minor resistance coming in between the early January and mid-February lows at $1.1272 to $1.128.

While the currency pair remains below its one-month downtrend line and the 55-day simple moving average (SMA) at $1.1325 to $1.1329, downside pressure retains the upper hand. Failure at $1.1106 on a weekly Friday closing basis would have longer-term bearish implications with the April 2020 low at $1.1019 and the minor psychological $1.10 mark being in view.

EUR/GBP recovers from key support as traders gauge risk of Russian invasion of Ukraine

EUR/GBP hit and then bounced off major support, consisting of the January and early February lows at £0.8305 to £0.8286, as Russia launched a full-scale invasion of Ukraine on Thursday.

Overnight the UK GfK Consumer Confidence indicator, a gauge for the general economic situation of the country, fell to its lowest level in 13 months at 26 in February, as consumer mood was dampened by fears about the impact of steep energy, food and utilities price rises, increased taxation and interest rate hikes.

This hardly affected the EUR/GBP cross, however, as it continues to try to break through its one-month resistance line at £0.8357 and reach the 55-day SMA and mid-February high at £0.8392 to £0.8402. For today minor support sits at the 11 January low at £0.8324.

AUD/USD recovers from support as traders digest impact of Russia sanctions

AUD/USD’s sharp sell-off in light of the full-scale invasion of Ukraine by Russia on Thursday ended within the $0.7106 to $0.7083 support area, comprising the August, late December and January lows. From there a recovery rally is currently being witnessed.

The mid-December high at $0.7223 is now in focus with the 18 February high sitting slightly above it at $0.7227 as well as the 10 February peak at $0.7248.

The next higher four-month resistance line and this week’s high at $0.7276 to $0.7284 should prove difficult to be overcome today, however.

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