The euro is under strong bearish pressure for the last few trading sessions after the United States and its western allies are discussing more sanctions against Russia. These sanctions will be in response to the atrocities committed by Russian forces in Bucha, Ukraine. Investors are concerned regarding the lower energy supplies to Europe which will boost inflation. Euro fell by over 0.70% On Monday and there is room for more decline before any rebound. The EUR/USD is trading well below the 9-day and 18-day exponential moving average, indicating a bearish sentiment in the market. Any decline in market sentiment would suggest a further downside.