empty
 
 
ar
الدعم
فتح الحساب الفوري
منصة التداول
إيداع/ سحب

05.09.202216:05 Forex Analysis & Reviews: EUR/USD above 0.9900 amid +30% spike in gas prices in Europe

Exchange Rates 05.09.2022 analysis

EUR/USD, H4 chart

The euro plunged on Monday due to the escalation of the gas crisis in Europe.

Gazprom planned to resume gas flows through Nord Stream 1 on September 3. However, the pipeline is still shut. Gazprom says Nord Stream 1 must undergo technical maintenance.

In this light, gas prices in Europe swelled by +30% to 272 euros per megawatt hour.

Contracts for delivery in October are now trading at 256 euros per megawatt hour, up by +23%.

The current prices are +400% higher than a year ago.

The European Union is now taking emergency measures: Germany has announced a $65 billion plan to combat rising energy prices.

In the Baltic region, heating prices have climbed by +100%.

Against this backdrop, the euro showed a rather modest fall.

Expectations of a 0.75% rate hike on September 8 provide support for the euro.

Long positions on EUR could be opened from 0.9950 or on a bounce. A Stop Loss order could be placed at 0.9880, with a Take Profit order of no less than 100 pips.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.

لا تستطيع التحدث الآن؟
اطرح سؤالك في الدردشة.