EURUSD chart analysis

During the Asian session, the EURUSD pair continued its withdrawal from Friday. The current consolidation is at the 1.04600 level, and we are now watching to see how the consolidation will go. The dollar is in full swing and could soon climb to the 105.00 level. The euro could lose ground again and continue towards the May low of 1.03475. For the bullish option, we need a new positive consolidation and a return above the 1.05000 level. Only after that we could expect a potential recovery towards 1.06000 and 1.06500 levels. Sanctions imposed by the EU on Russia have led to higher energy prices such as oil and natural gas, and this has caused inflation to jump to record levels. Therefore, it all negatively affected the value of the euro.