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Forex

EUR/USD Plummets as Energy Prices Soar and US Dollar Rebounds

Guavy AI Editorial Team
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EUR USD
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The EUR/USD has taken a sharp drop due to rising energy prices and a rebounding US dollar ahead of the FOMC rate decision, where a hike is all but priced in now.

Rising oil prices are adding pressure on the EUR/USD, with crude prices resuming their upward trend after Saudi Arabia shut the East-West pipeline following drone attacks from Iraq. This has left markets vulnerable to another bout of risk aversion.

The technical EUR/USD forecast also suggests a bearish development, as the pair broke below the lower trendline of its triangle pattern today, taking support around 1.1565-1.1580 area.

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