The EU is ready to introduce another package of sanctions against the Russian Federation. The sanctions may influence negatively on the European economy, which may result on the common European currency losing even more of its value against the US Dollar.
According to The Financial Times, with reference to the document approved by the European Commission and passed over to the European Council for further consideration and approval, it is reported that the forthcoming new package of sanctions against Russia the EU is going to impose on it will be targeted at Russia's oil corporations. In particular, the Russian oil giants will be banned from accessing European capital markets. The same sanctions were previously imposed on Russian banks.
Still, the new sanctions will be imposed on government-owned oil giants like Rosneft, Gazpromnetf and Transneft. Other oil companies like Surgutneft and Lukoil will avoid the sanctions since these are private companies, The Financial Times reports.
EURUSD Intraday Prospects
Meanwhile, the currency pair is consolidating close to 1,2900, Masterforex-V Academy reports. The trading experts and members of Masterforex-V Academy analyzed the H1 chart of EURUSD to define the near-term prospects of the currency pair.
At this point, the price cannot dare break the psychological level of 1,2900. The ascending and descending MF sloping channel are currently forming a narrowing triangle – a pattern indicating a fight between the bulls and the bears. The price is currently closer to the bottom of the pattern. Most probably, the price is waiting for another major economic report or political event to trigger a big move.
At this points, there are 2 ways out:
A break below the bottom of the narrowing range will give way to further lows 1,2857 and 1,2800.
A break above the top of the narrowing range will give way to further highs 1,2987 and 1,3048.
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