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23.05.2022: Situation gets worse. US may damage relations with China (EUR/USD, GBP/USD).

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Today, the market should have stagnated since the macroeconomic calendar is empty. However, if there are no important macroeconomic reports, the market could be influenced by comments provided by various politicians and officials. It happened that the US president has become the main newsmaker. President Joe Biden said the US military would intervene to defend Taiwan in any attack from China. Notably, on February 24, when Russia launched a special military operation in Ukraine, western mass media immediately emphasized that China might take the same measures concerning Taiwan. In addition, on the same day, information about China’s invasion of Taiwan appeared in the press. Curiously, this topic is still on the agenda. The issue is actively promoted by the US mass media. Today, the US president has announced his readiness to start a war with the largest global economy, which has the biggest army in the world. What is more, China is one of the countries that has a nuclear weapon and means of its delivery.Joe Biden’s announcement frightened investors. That is why since the beginning of the trade, the US dollar has been rapidly falling. The slump will stop only if US officials refute the claims. In fact, the American press has done this repeatedly, stating that the President was misunderstood. Now, let us switch to the trading charts. The euro/dollar pair closed the previous week near the upper limit of the earlier broken range of 1.0500/1.0600. This fact signaled that the upward correction is still in force. At the beginning of the new trading week, the euro/dollar pair consolidated above the control level of 1.0636, thus pointing to the ongoing rise. Under the current conditions, the correction process may allow the pair to climb to 1.0730-1.0800. Meanwhile, the pound/dollar pair managed to surpass the resistance level of 1.2500 after a small pause. As a result, the pair continued growing from the support level of 1.2155. The first signal of the prolonged correctional movement was received after a break of 1.2500. To prove the signal, the pair should settle above the control level on the daily chart. In this case, bulls will have every chance to jump to 1.2635-1.2700. Otherwise, the pair may drop below 1.2500 and stagnate.

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00:00 INTRO
00:24 JOE BIDEN
01:05 CHINA
01:22 QUOTES
01:46 EUR | USD
02:22 GBP | USD
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