Markets are a bit edgy today as they continue to monitor the Russia-Ukraine developments, with the two sides having engaged in a series of talks, which have from time to time created hopes for a peaceful solution, but have not produced any major breakthrough.
On Sunday, Ukrainian President Zelenskyy reiterated his readiness for negotiations with Russian President Putin, but warned that if discussions fail "that would mean that this is a third World War", during an interview with CNN's Fareed Zakaria. 
Western countries have imposed tough sanction on Russia, with the European Union having refrained so far, from an outright ban on energy imports from the country, given its high reliance. The Commission has however, announced a plan to make it independent from Russian fossil fuels by 2030, which can reduce EU demand for Russian gas by two thirds before the end of the year. 
Germany is seeking for alternatives and over the weekend, it agreed with Qatar on a long-term gas supply partnership, as reported by Deutsche Welle. 
GER30 comes from a two week-rebound, having registered its best performance of the year, during the last one. It managed to close above its EMA200 and the 50% Fibonacci of its 2022 High/Low decline, albeit marginally. This puts the descending trend-line from those highs in the spotlight (14,950-15,000), but improved sentiment is required for such move that could turn it towards the daily Ichimoku Cloud (15,350-15,580).
The index covers much of today's gap lower, but as long as it does not make further progress, it remains in a precarious position and in danger of fresh selling pressure that could test 13,902, although a strong catalyst will likely be needed for a steeper drop towards 13,309-13,269.
Senior Market Specialist
Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.
With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.
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