An increase in risk aversion can be spotted on the markets at the beginning of a new week. Explosions that struck Crimean Bridge over the weekend as well as today's morning missile strikes on major Ukrainian cities raise fears of an escalation in the Russia-Ukraine war. While indices recovered a big part of the morning dip, the US dollar continues to benefit from safe haven flows. EURUSD is breaking below the 0.9700 handle this morning, trading at a fresh 10-day low. This level is also marked with a 23.6% retracement of the downward move launched on September 12, 2022. A clear break below would pave the way for a test of the 0.9650 swing level. Economic calendar for today is light but speeches from Fed Evans (2:00 pm BST) and Fed Brainard (6:35 pm BST) may provide some USD volatility.
EURUSD at H1 interval. Source: xStation5
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