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
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