Euro rises as talks over Ukraine begin, modest yen rebound

DOLLAR INDEX

DOLLAR INDEX is trading down 0.35% at 98.71

The euro rose on Tuesday in cautious trading as Ukrainian and Russian negotiators met in Turkey for the first direct talks in more than two weeks.

The U.S. dollar was slightly lower, just off its highest since May 2020, while the yen staged a modest rebound after crashing to its lowest level since August 2015 on Monday.

Any step towards a ceasefire or a potential peace deal would support the single currency as the euro area is seen suffering the most significant economic impact of the conflict.

Ukraine and the United States hold little hope of a breakthrough at the meeting on Tuesday, even though Russia’s invasion appeared to have stalled.

Versus a basket of currencies, the dollar was down 0.2% at 98.928, but not far from its highest level since May 2020 at 99.415.

The euro was up 0.3% at $1.1016.

On technical fronts DOLLAR INDEX RSI stood at 47.64 and currently it is trading below 5 days MA & above 10 and 20 days MA. So, SELL position can be taken with following target and stoploss:

TRADE SIGNAL – : DOLLAR INDEX – SELL: 98.71, TARGET: 98.54, STOP LOSS : 98.90

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