Gazprom says halted gas supplies to Engie due to insufficient payments for gas supplies in July

reuters reports that Russia's gas giant Gazprom will fully suspend natural gas supplies to Engie, one its main European utilities, from Sept. 1 until it receives all payments for gas in full, the company said on Tuesday.

''Gazprom is further squeezing gas deliveries to Europe in a dispute over contracts, deepening concerns about Europe's winter energy supply.''

This is troublesome for the euro given that, Germany, the region’s largest economy and traditional growth driver, has a particular reason to worry as it’s largely reliant on Russian gas and is sliding toward a recession. Technically, however, the euro is holding in a bullish corrective formation on the daily chart, although while below 1.0120, the focus is on a bearish continuation:

The Gartley is a reversion pattern but the price could find pressures again in due course while below the neckline of the formation.