EUR/USD (Euro – U.S. Dollar) plummeted on Wednesday on strong safe-haven flows, sinking more than 1% towards its lowest level in 2023, with risk assets coming under intense downward pressure as the U.S. banking turmoil spread to Europe, worsening Credit Suisse’s already fragile position, and igniting a $60 billion rout in the entire space.
For context, Credit Suisse’s shares cratered while its credit default swaps soared to distressed levels after the institution’s biggest backer (Saudi National Bank) said that it will absolutely not provide additional cash injections, raising the likelihood of a collapse.
EURUSD after reaching the support area of 1.0520 late yesterday, the price is currently showing signs of reversing and increasing again. In the short term, it is possible that the pair will continue to go up to the 1.0650-1.0680 zone. Recommended buy to current price 1.0585, SL: 1.0540, TP: 1.0650
For context, Credit Suisse’s shares cratered while its credit default swaps soared to distressed levels after the institution’s biggest backer (Saudi National Bank) said that it will absolutely not provide additional cash injections, raising the likelihood of a collapse.
EURUSD after reaching the support area of 1.0520 late yesterday, the price is currently showing signs of reversing and increasing again. In the short term, it is possible that the pair will continue to go up to the 1.0650-1.0680 zone. Recommended buy to current price 1.0585, SL: 1.0540, TP: 1.0650
