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      EURUSD: High Prices in the Eurozone Ease in the Short Term as Ukraine Grain Corridor Reopens 

      Russia-Ukraine Conflict
      Summary:

      Despite an agreement between Russia and Ukraine, negotiated by the United Nations (UN) and Turkey, to resume outer grain shipping lanes from Ukraine's Black Sea ports, the EU intends to continue its efforts to establish additional shipping lanes for Ukrainian grain exports. According to the European Commission, Ukraine was the world's largest exporter of sunflower seed oil, the third largest exporter of colza oil and barley, the fourth largest exporter of corn, and the fifth largest exporter of wheat before the outbreak of the Russian-Ukrainian conflict. The reopening of the Ukrainian grain corridor has eased the shortage of food supply in the Eurozone in the short term, with food prices pulling back. This has to some extent, alleviated the pressure on the production and livelihood of the European population.

      Buy EURUSD
      End Time
      CLOSED

      1.02200

      ENTRY PRICE

      1.03525

      TGT PRICE

      1.01540

      SL PRICE

      1.00419 -0.00462 -0.46%

      660

      Points

      Loss

      1.01540

      SL PRICE

      1.01534

      CLOSING

      1.02200

      ENTRY PRICE

      1.03525

      TGT PRICE

      Fundamentals

      Despite an agreement between Russia and Ukraine, negotiated by the United Nations (UN) and Turkey, to resume outer grain shipping lanes from Ukraine's Black Sea ports, the EU intends to continue its efforts to establish additional shipping lanes for Ukrainian grain exports.
      Adina Vălean, the EU commissioner responsible for transport, stressed that much work remains to be done to establish more shipping lanes and that problems include a lack of transport vehicles, barge operators, and storage facilities.
      According to the European Commission, Ukraine was the world's largest exporter of sunflower seed oil, the third largest exporter of colza oil and barley, the fourth largest exporter of corn, and the fifth largest exporter of wheat before the outbreak of the Russian-Ukrainian conflict.
      The Ukraine grain corridor is expected to open, with international grain prices pulling back by 20%-30% from the June high, driving domestic grain futures to fall by 5-10%.
      Reports indicate that a return to original levels in the short term is considered virtually impossible. The ship that made its debut from the port of Odessa under the UN agreement loaded with 26,000 tonnes of corn merely.
      Overall, the reopening of the Ukrainian grain corridor has eased the shortage of food supply in the Eurozone in the short term, with food prices pulling back. This has to some extent, alleviated the pressure on the production and livelihood of the European population.

      Technical Analysis

      2.1 EURUSD Weekly ChartEURUSD: High Prices in the Eurozone Ease in the Short Term as Ukraine Grain Corridor Reopens _1
      Candlestick: form Doji stars at the bottom continuously, indicating the confirmation of the phased bottom.
      Key resistance level: is at 1.03867; there is room to rise; the lower band of the descending channel constitutes certain support.
      Slow trend line: there is room to rise.
      89-day MA: 89-day moving average (MA) is above the price, and there is still room to rise.
      Buyers: the short-buyers are oversold, which is bullish.
      CCL: the bulls increase their positions, which is bullish.
      OBV: in the oversold territory; moves up; there is a high probability of oscillating to the upside; it is recommended to go long at lows.
      Fast and slow trend lines: in the oversold territory; move down; there is not sufficient room below; the bears are weak; there is a high probability of oscillating to the upside; it is recommended to go long at lows.
      KD: in the oversold territory; form a golden cross; show positive divergence, which is bullish.
      In summary: the EURUSD confirmed the phased bottom, and the price can oscillate to the upside. it is recommended to enter the market to go long at lows.
      2.2 EURUSD Daily ChartEURUSD: High Prices in the Eurozone Ease in the Short Term as Ukraine Grain Corridor Reopens _2
      Candlestick: the large bull candle yesterday forms a bearish engulfing candlestick combination, signaling the market is turning bullish.
      Key resistance level: is at 1.03867; there is room to rise; the lower band of the descending channel constitutes certain support.
      Key support level: lower shadow of the candlestick is on the support level, which is bullish Slow trend line: there is room to rise.
      89-day MA: 89-day MA is above the price, and there is still room to rise.
      Buyers: long-buyers start to dominate the market, which is bullish.
      CCL: the bulls increase their positions, which is bullish.
      OBV: is in the oversold territory; turns upwards, which is bullish; there is sufficient room to rise.
      Fast and slow trend line: in the oversold territory, fast and slow trend lines intersect; there is a high probability of oscillating to the upside; it is recommended to go long at lows.
      KD: form a golden cross, with the K line at 60; there is room to rise; beware of a pullback from the highs during the session; the short-term intra-day strategy is appropriate.
      In summary: the bulls re-start and oscillate to the upside; there is the possibility of a pullback after surging to highs; the short-term intra-day strategy is appropriate; it is recommended to go long at lows.
      2.3 EURUSD 2-Hour ChartEURUSD: High Prices in the Eurozone Ease in the Short Term as Ukraine Grain Corridor Reopens _3
      Candlestick: pulls back from the highs, signaling a price pullback.
      Key resistance level: is at 1.03867; there is room to rise; the lower band of the descending channel constitutes certain support.
      Key support level: lower shadow of the candlestick is on the support level, which is bullish.
      Slow trend line: the bulls rise.
      89-day MA: the bulls rise, which is bullish.
      Buyers: the bulls reduce their positions, signaling a price pullback.
      CCL: the bulls increase their positions, which is bullish.
      OBV: is near the middle axis; turns upwards, which is bullish; there is sufficient room to rise.
      Fast and slow trend line: in the oversold territory, fast and slow trend lines are about to intersect; there is a high probability of oscillating to the upside; it is recommended to go long at lows.
      In summary: the bulls re-start and oscillate to the upside; there is the possibility of a pullback after surging to highs; the short-term intra-day strategy is appropriate; it is recommended to go long at lows.
      EURUSD: High Prices in the Eurozone Ease in the Short Term as Ukraine Grain Corridor Reopens _4
      It is recommended to go long at lows on EURUSD during the session.
      Entry price: 1.02200
      Take profit: 1.03525
      Stop loss: 1.01540
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