‘Macron is a new face and that’s exactly what France and Europe need: a fresh start.’ – Andre Sapir, Bruegel (based on Bloomberg)
Pair’s Outlook
On Monday morning the common European currency was in a retreat against the US Dollar, as it touched the support provided by the weekly PP, which is located at the 1.0958 level. It is most likely that the currency exchange rate will continue to surge, as it could be pushed higher by minor support levels. It could reach next the combined resistance of the weekly and monthly R1s at 1.1040. Meanwhile, market participants should be careful with technical analysis, as the yesterday’s election was a large fundamental change for the basis of the Euro.
Traders’ Sentiment
SWFX traders remain bearish, as 62% of open positions are short, and 54% of trader set up orders are to sell.
