EURUSD is threatening a drop below parity levels once again. The main currency pair started a new week on a weaker footing and is now trading just slightly above the psychological 1.00 mark. News from Russia seems to be the main reason behind underperformance of EUR and other European assets this morning. Namely, Russia said that it will halt the only remaining Nord Stream gas turbine on August 31, 2022 for a 3-day maintenance period. While flows are expected to resume after 3 days at current capacity, there is always risk that Russia will decide to extend the gas halt to get leverage over Europe on sanctions. Winter is looming large and traders should expect gas issues to remain drivers of EUR and European asset prices. European natural gas prices are up 10% this morning and continued rise in energy prices will pressure corporate profitability.
Taking a look at EURUSD chart at D1 interval, we can see that the main currency pair broke below the short-term upward trendline after a failed attempt of breaking above the upper limit of a downward channel. As a result, a downward move towards the lower limit of the channel could be on the cards now. However, before the pair reaches it, it will need to break through a couple important support levels - the aforementioned 1.00 mark as well as 127.8% and 161.8% exterior retracement levels of the recent upward impulse.
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Source: xStation5
