Well that’s that. There will be no Trump or Brexit moment in France and stability inside the Eurozone remains.
Not to mention stability of EUR/USD.
Here are the results as of this morning:
Yes, Emmanuel Macron has pulled off an extraordinary election victory!
Just one year ago, his political party didn’t even exist. Now with Macron at the helm, they’re governing France. A truly amazing story.
Le Pen’s National Front, while offering right leaning change, is still seen as ‘toxic’ in the eyes of many French voters, even those on the right. This reputation proved too much in convincing the mainstream.
But lessons will be learned and by beating out the two historically established parties, this shows that the appetite for right wing change is still alive and well.
Taking a look at the Euro, the EUR/USD triangle broke out to the upside on a gap-up, but was quickly smashed back down as soon as the market opened.
EUR/USD Daily:
Zooming in and we can see how quickly the gap was filled:
EUR/USD 15 Minute:
It’s always hard to predict whether this is going to be one of those times, but with EUR/USD rallying as hard as it did following the first round, this was a huge buy the rumour, sell the fact trade.
We have our horizontal range support/resistance levels in place. How do you think it’s going to react off them from here?
