EUR/USD Analysis: Opens above 1.09 mark
|“French voters face two radically different visions of the country’s future after centrist Emmanuel Macron and far-right nationalist Marine Le Pen won the first round.”
– Bloomberg
-
Pair’s Outlook
Due to the French election induced certainty in the Euro the EUR/USD currency exchange rate began the week at 1.0923, which is almost 200 base points higher than the Friday’s closing price. Although this is a fundamental shift, the move is still consistent with the large scale ascending channel pattern, as the upper trend line of the channel has not been reached. On Monday morning profit taking was occurring, as the rate had dropped down to the 1.0826 level. It is most likely that the rate will soon find support and stop before the future direction is revealed. -
Traders’ sentiment
SWFX traders are bearish on the pair, as 56% of open positions are short. Meanwhile, 52% of set up orders are to sell the Euro.
Interested in EURUSD technicals? Check out the key levels
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.