EUR/USD Analysis: Opens above 1.09 mark

Dukascopy Bank Team Dukascopy Bank SA

“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

1. R3 1.0965
2. R2 1.0943
3. R1 1.0909
PP 1.0887
1. S1 1.0853
2. S2 1.0831
3. S3 1.0796

Author

Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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