The euro crumbled during the trading session on Thursday as the 1.16 level has offered a bit of a ceiling, and of course, so has the 200-day EMA. Ultimately, this is a pair that is still very much in a consolidation range. The interest rates in America jumped after the Trump speech, and that has had the US dollar racing higher against almost everything, including the euro.
If the war is truly going to last a few more weeks, that puts more pressure on energy in the European Union as well, so therefore, I think this move makes perfect sense, but really, at this point, I think you have to look at this still as a sideways market.
