EURUSD: Remained firm on Friday

Jim Langlands FX Charts

EURUSD: 1.1020

EurUsd remained firm on Friday despite the solid NFP reading suggesting that a June rate hike remains on the table, as traders bought the Euro in anticipation of a Macron victory in the French election. Those hopes have been delivered on early on Monday, with a decisive Macron victory, and the Euro has opened with a gap higher, currently at 1.1020.

Friday saw the pair capped at 1.1000, but a break would see little resistance until the channel top at 1.1055 and then the Fibo level at 1.1070, and beyond that there is little to stop the Euro heading on to the 9 November spike high at 1.1300 although that is a long way off. On the downside, if we head back below 1.0950, minor support will be seen at 1.0915/20 and at 1.0900 ahead of the 4 May low of 1.0875 and stronger support seen at 1.0835 and 1.0820.

1.1135	Minor	1.1000	Friday close
1.1100	Minor	1.0948	Friday low
1.1070	(76.4% of 1.1300/1.0340) /Weekly cloud base	1.0900	200 HMA
1.1055	Channel top	1.0875	4 May low
1.1020	Monday open	1.0861/51	(23.6% of 1.0570/1.0947)/26 Apr low

Economic data highlights will include:

M: French Election Result, German Factory Orders, EU Sentix Investor Confidence Survey, US Labor Market Conditions

T: German Industrial Production, Trade Balance, US NFIB Business Optimism Index, Wholesale Inventories

W: US Import/Export Index, Monthly Budget Statement

T: EU Economic Bulletin, US PPI, Jobless Claims

F: German CPI/HICP, GDP, US Retail Sales, CPI, Michigan Consumer Sentiment Index, Business Inventories, Baker Hughes Oil Rig Count

Interested in EURUSD technicals? Check out the key levels

1. R3 1.1068
2. R2 1.1046
3. R1 1.1007
PP 1.0985
1. S1 1.0946
2. S2 1.0924
3. S3 1.0885

Author

Jim Langlands

FX Charts

Jim Langlands began his trading career in the commodities markets in London in 1976, before moving to Australia in 1979 to work as a floor trader on the Sydney Futures Exchange.

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