‘Melenchon’s steady rise has turned France’s already topsy-turvy election campaign into one of the most unpredictable contests in recent history.’ – Gregory Viscusi, Bloomberg
Pair’s Outlook
Due to US Dollar weakness caused by fundamental political events, the EUR/USD currency exchange rate has returned to fluctuate near the 1.06 mark on Wednesday morning. Previously, as the pair was set to decline to the support cluster near the 1.0550 mark, the rate suddenly regained ground and tested the resistance put up by the weekly PP and the 100-day SMA near the 1.0620 level. The pair remained between the mentioned levels of resistance on Wednesday morning, as markets continued to watch fundamental events occurring in the world. Meanwhile, from a technical perspective the decline to the 1.0550 level is still to be expected.
Traders’ Sentiment
SWFX market sentiment remains almost neutral, as 51% of open positions are long. Meanwhile, 54% of set up orders are to sell.
