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.