07 March 2022, EUR/USD
EURUSD trading plan:
The euro fell below $1.10 for the first time in almost two years, having shed over 3% against the dollar last week for its biggest weekly fall since March 2020. Prices of raw materials from wheat to various metals have soared to multi-year highs as Western sanctions have disrupted air and sea shipments of commodities produced and exported by Russia. European gas prices notched an astonishing 120% weekly gain, to hit 208 euros per megawatt hour - a record high. The main driver behind the sharp rise in the TTF is a perceived increase in the risk of European sanctions targeting Russian energy exports. This is a negative signal for the European economy.
Investment idea: sell 1.0915 and take profit 1.0870.
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