The EUR/USD pair founds fresh demand near 1.0750 region, sending the rate back towards daily tops, as the sentiment around the common currency remains underpinned amid latest news of a Macron win at the first French presidential debate.
Macron’s debate win adds the recent opinion polls results, which show him leading the election race, easing concerns over a potential France exit from the European Union (EU) - Frexit. Markets fret that a Le Pen victory in the French elections would imply the abolishment of the euro in France, and an eventual Frexit.
Looking ahead, the EUR bulls will continue to cheer the debate outcome amid persistent broad based US dollar weakness, as attention the speech from the FOMC member Dudley due later in the European session.
EUR/USD Technical Levels
Valeria Bednarik, Chief Analyst at FXStreet explains, “From a technical point of view, the intraday movement seems barely corrective, as the price held above the immediate short term support at 1.0730, and the 4 hours chart shows that the price is a few pips above a bullish 20 SMA, although technical indicators head south within positive territory, with the Momentum about to cross its mid-line towards the downside. It would take a break below 1.0700 however, to confirm a downward move, while only beyond 1.0785, the pair will be able to regain its upward strength.”