EUR/USD steady, hovering around 1.0700

Matías Salord FXStreet

The EUR/USD pair printed a fresh daily low at 1.0684 (marginally below previous low) and currently is hovering around 1.0695. During the last hours it has been moving in a range between 1.0710 and 1.0684, consolidating modest losses for the day.

The pair and markets overall are on a consolidation mode, ahead of the weekend. No major position changes are taking place in EUR ahead of the French elections. The latest poll (IFOP) showed Macron leading (24.5%) followed closely by Le Pen (22.5) and Fillon 19.5%. On the second round Macron (60%) surpasses Le Pen (39.5%).

PMI’s and other economic reports from Eurozone and the US did not impact on markets. Neither did yesterday’s terrorist attack in Paris.

US: Existing-home sales took off in March to their highest pace in over 10 years

U.S. private sector growth eases to seven-month low in April - Markit

French elections: Coming this Sunday – Deutsche Bank

Technical levels

The intra-day bias favors the downside but price action remains significantly limited on Friday. If the pair breaks above 1.0710 (20-hour moving average) the euro could gain momentum. The next resistance could be seen at 1.0735/40 (daily high) and 1.0770.

On the downside, under 1.0680 the bearish pressure could increase. The area around 1.0640 (uptrend line from April lows) is likely to offer support; a break lower would point to an extensions of the decline.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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