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EU discuss plans to cut gas consumption by 15%

Mahmoud Alkudsi Mahmoud Alkudsi 27/07/2022
EU discuss plans to cut gas consumption by 15% EU discuss plans to cut gas consumption by 15%
EU discuss plans to cut gas consumption by 15% Mahmoud Alkudsi
EUR/USD Price May Fall towards This Level

 
  • A trust issue with Mr Putin.
  • Waiting for Mr Powell’s press conference
  • EUR/USD critical levels to monitor
 
The EU held an emergency meeting yesterday to discuss plans to cut gas consumption by 15%. Leaders are skeptical about Mr Putin’s intentions of returning gas supplies to Europe as he said that he would not cut Europe 100% off from Russian gas.
Nonetheless, the lesson learned from the Ukrainian-Russian war gives the man a lower margin of credibility in Europe. Obviously, reducing energy consumption will have a bad effect on the European GDP and could hit growth levels negatively by 1.5% should these plans take place soon.
On the other side of the Atlantic, markets await the FOMC interest rate decision as the FED is expected to hike 75bp today. Investors will try to get more clarity tomorrow from Mr Powell about the central bank’s monetary policy while recession odds continue to rise due to two factors: a reduced corporate profit outlook and the fall in consumer sentiment.
 
EUR/USD Price Daily Price Chart

 
On July 14, EUR/USD fell to a near 20-year low at 0.9952 then rallied after as some traders took profits. The pair tested 1.0250 on multiple occasions however failed to close above.
Currently, the price moves in the trading zone 1.0000 - 1.0414. A daily close below the low end of the aforementioned trading zone could encourage bears to press the price towards 0.9701. On the other hand, a break above the 21 July high at 1.0277 could send the price towards the high end of the trading zone.  
 
 
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

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Meet our contributors
Carl Capolingua
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Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Lesego
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Lesego Mthombothi
Market Research Analyst, South Africa

Lesego Mthombothi is an experienced market research analyst and investment professional who proudly holds an honours degree in investment management and completed her CFA level 1.
 
 
 

Mahmoud Alkudsi
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Mahmoud Alkudsi
Chief Markets Analyst, MENA

Mahmoud is a market analyst, with over a decade of experience in financial markets. He follows main market movers and tracks their effect on the price chart. Mahmoud mixes technical and fundamental tools with a deeper focus on the technical side, and with his wide experience in providing educational and guidance materials to all levels of traders, he helps them in making informed trading decisions. Before joining ThinkMarkets, Mahmoud was head of market research departments in different reputed financial companies, where he provided market analysis for a variety of asset classes, including FX, equities, indices, and commodity futures. As an experienced market commentator, he was hosted by too many print and broadcast media, including not limited to Sky News Arabia, France 24, Alarabyia, Alsharq-Bloomberg, and CNBC Alarabyia to discuss key risk events their clear impact on the price action. Mahmoud holds a Master of Business Administration (MBA) from Cardiff Metropolitan University of Wales, UK, and speaks Arabic, English, and Spanish.

Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.
Lesego
Lesego Mthombothi
Lesego Mthombothi is an experienced market research analyst and investment professional who proudly holds an honours degree in investment management and completed her CFA level 1.
Mahmoud Alkudsi
Mahmoud Alkudsi
Mahmoud is a market analyst with over a decade of experience in financial markets. Mahmoud mixes technical and fundamental tools with a deeper focus on the technical side, and has experience in providing guidance to all levels of traders.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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