The pair is seen to continue to fall down. The relationship between the United States and Turkey was seen deteriorating again. Turkey had sent the audio recording of the killing of Jamal Khashoggi to several countries that have ties with Saudi Arabia. Germany, Denmark, and France had sanctioned the kingdom relating to the killing, with the suspension of arms sales, as Saudi was relying from military equipment imports on its war with Yemen. While President Donald Trump was said to be reluctant in providing sanctions due to his, and his son-in-law’s close ties to the Royal Family. Histogram and EMA’s 15 and 21 shows investors holding and waiting for a catalyst to buy or sell the pair.
The pair is expected to fall lower in the following days as the formation of the “Death Cross” was imminent. The European Union was embattled with different issues, from internal and external. The rising nationalism in the region, and Italy’s refusal to rearrange its budget within the EU’s rule, might undermine the capacity of the union to lead its members. Among Emerging Markets, only Brazil was gaining an upper hand as China was shifting its import of soy beans from the United States to Brazil. Histogram and EMAs 15 and 21 was stable.
The pair is seen to reverse to complete the “Cup and Handle” formation. The European Union was struggling with the rising nationalism with its members and was seen to divide the union. But a speech made by French President Emmanuel Macron during the celebration of the end of World War One, calling Nationalism is a betrayal of Patriotism, had made investors believed that Macron will lead the European Union in the future after the end of Angela Merkel’s Chancellorship in 2021. Norway is a nationalist country, a had twice rejected the referendum of joining the EU. Histogram was seen exhausting, while EMA-21 is about to reverse after hitting the overbought region.
The pair was slowly being sold down as investors were cautious about the relationship between the European Union and Russia. The EU was trying to contain its members following the rise of Nationalism, and the concern of the United States withdrawal from the INF (Intermediate-Range Nuclear Forces) Treaty with Russia, which will undermine the European Union’s security. The EU was trying to build up its own army to counter Russia’s aggressiveness with its shared border with Finland and Norway. Histogram and EMAs 13 and 21 shows investors selling the pair.