Headlines from EU meeting are crossing the news wires:
- Italy's Draghi says EU needs fiscal response to current crisis triggered by Ukraine war
- EU agreed we must reject protectionism and support families and households
- EU sanctions may be, still stronger
- you must define a common defense strategy to flank NATO
German Chancellor Scholz said
- we agreed we had to spend more on defense as in the past
- we will link up our electricity and gas networks across Europe
- we are considering measures to protect citizens up from a high energy prices
- we will not make any decision for the Ukrainians
- Ukrainians must know what matters most for their country
- we are working to reduce our reliance on Russian energy as quickly as possible
On Iran, Scholz says
- we have made progress but we are at the end yet
- it is job also of powers like China and Russia to contribute to reaching an agreement
- China's president told him Iran deal was a very important to him
Needless to say, the invasion from Russia changed the game for EU/NATO nations. These comments are not a huge surprise..
The EURUSD remains between its 200 hour moving average above at 1.1004 and its 100 hour moving average below at 1.09606. The price is currently trading at 1.0981 near the middle of that moving average support and resistance range.