‘The euro lost a bit of its topside momentum as the French election risk is still a key concern for EUR.’ – Stephan Innes, Market Pulse (based on investing.com)
Pair’s Outlook
During the early hours of Monday’s trading session the common European currency once more attempted to break higher against the Greenback. Previously, during Friday’s trading session the currency pair failed to break through the resistance put up by the monthly R1, which is located at the 1.0772 level. It is most likely that the resistance will be broken soon, as the rate has moved and traded above it already more than once. In that case the pair would most likely surge to the next notable resistance level, as the weekly R1 is located at the 1.0814 level.
Traders’ Sentiment
SWFX traders remain bearish, as 59% of trader open positions are short, and 59% of trader set up orders are to sell the Euro.
