Prices in the Euro (EUR), New Zealand Dollar (NZD) Monday reached 0.6030 (1.6580) a 10-week low before pulling back towards 0.6080 (1.6450) into Tuesday sessions. European stocks soured on the news Ukrainian troops had reclaimed a large amount of territory back off Russia Monday pushing Russian forces all the way back to the North-western border. Earlier Lagarde offered a line of credit to European banks amidst the ongoing energy crisis helping the EUR push higher. However long-term currency shifts in the Euro’s favour look limited with long term structural energy prices remaining a massive constraint to European growth. The Euro looks overbought.
Current Level: 0.6064 (1.6490)
Resistance: 0.6160 (1.6600)
Support: 0.6025 (1.6230)
Last Weeks Range: 0.6033-0.6161 (1.6231-1.6573)