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April 9th - According to sources, the United States is considering lifting sanctions on the Central Bank of Venezuela. This move would allow oil sales revenue to circulate more freely within Venezuelas financial system, restoring a crucial channel for the inflow of hard currency (currencies with good international credit, stable value, and strong exchange rates) after years of isolation from the global banking system. Sources revealed that approximately $1 billion has been transferred to the Venezuelan central bank, but a significant portion has not yet reached the relevant companies due to ongoing compliance reviews by the bank. Payment delays could undermine Trumps plans to rapidly increase Venezuelan oil production and revive the countrys economy. Meanwhile, the war with Iran is causing global oil supply shortages and pushing US gasoline prices to their highest level in over three years, putting political pressure on Trump.Indiana has announced a 30-day suspension of its 7% fuel consumption tax.Market news: The United States is considering lifting sanctions against Venezuelas central bank to free up oil supplies.Nebius is in talks to acquire the Israeli artificial intelligence startup AI21.1. Market News: Ukraine claims Russian drones attacked port infrastructure in Izmail. 2. Kremlin: Welcomes the US-Iran ceasefire. Hopes the US now has more time and space to restart trilateral talks with Ukraine. 3. US Vice President Vance: Ukrainian President Zelenskys threatening remarks against Hungary and its prime minister after Hungarian Prime Minister Orbán blocked EU loans to Kyiv are "outrageous." 4. Russian Foreign Ministry spokeswoman Zakharova warned Baltic states that allowing Ukrainian drones to fly over their airspace and attack Russia poses a huge risk. 5. Russian Foreign Ministry spokeswoman Zakharova stated that claims of Russian and Iranian hacker collusion are untrue. 6. Russian External Intelligence Service: The EU has begun secretly studying the issue of establishing its own nuclear weapons production capabilities. 7. Russian Foreign Ministry summoned the Japanese ambassador to Russia regarding the Japan-Ukraine drone cooperation. 8. US Media: Trump is considering withdrawing US troops from some NATO allies, a plan that could lead to more US troops being deployed closer to the Russian border, potentially angering Moscow. 9. The United States issued a general license related to Russia, extending the exemption period for Russian (crude oil) until July 9. 10. According to sources and data, oil exports from the Russian port of Ust-Luga have resumed after a two-week suspension. 11. Indian government sources: The United States is expected to extend the exemption for Russian oil purchases. 12. Dmitry Medvedev, Deputy Chairman of the Security Council of the Russian Federation: There will never be cheap oil again.

EUR/USD Price Analysis: A Pullback Beyond the 1.0590-85 Support Confluence Remains Improbable

Alina Haynes

May 05, 2022 10:25

EUR/USD bulls appear to be running out of steam after rallying to the highest level since early March during Thursday's Asian session.

 

The recent weakening in the main currency pair could be attributed to the RSI being overbought.

 

Nonetheless, the quote retains the previous day's 200-HMA breakout, as well as several levels defined by a fortnight-long horizontal area centered on 1.0590-95. Thus, EUR/USD remains a target for buyers till it breaks through the 1.0590 barrier.

 

If the pair falls below 1.0590, a one-week-old rising support line around 1.0515 may act as a temporary halt on the way to the pair's recent multi-month low of 1.0471.

 

Meanwhile, the April 27 high near 1.0655 appears to be immediate resistance for EUR/USD buyers to monitor on the way up.

 

Following that, the 50% and 61.8 percent Fibonacci retracements of the April 21-28 fall will be monitored, respectively near 1.0700 and 1.0760.

 

EUR/USD is poised for a much-anticipated corrective fall following the Fed's latest action.

EUR/USD: Hourly Chart

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