‘The euro was steady, maintaining gains of about 1.2 percent after the French presidential vote led to a run-off between centrist Emmanuel Macron and National Front candidate Marine Le Pen.’ – Dennis Pettit and Alexandria Arnold, Bloomberg
Pair’s Outlook
The common European currency remained almost unchanged on Tuesday morning against the US Dollar, as the currency exchange rate traded near the 1.0860 mark. The currency exchange rate was located below the combined resistance of the monthly R1 at 1.0876 and the weekly R2 at 1.0878. This resistance level has kept the pair lower since the consolidation, which followed in the aftermath of the first round of the French Election. It is highly possible that the pair will remain almost unchanged by the end of the day, as it still remains above the upper Bollinger band.
Traders’ Sentiment
Traders remain bearish on the pair, as 58% of open positions are short. Meanwhile, 52% of trader set up orders are to sell the Euro.
