EURUSD Awaits French Election
Updated
Fundamental: So investors have been covering their shorts before French election, that made EURUSD green for this week. We're heading into a quiet weekend as market awaits vote results on Monday Apr 23. Whoever get elected is expected to leave negative effects on EUR.
Technical: There's a downward channel that connects all the recent highs of EURUSD since May 2016, which I believe is hard to break. Failing to break this channel will bring the pair back to down-trend. On breaking out of 1.06, we may drop gradually to 1.05 levels.
On the contrary, let's give it 30% chance that something unexpectedly happened, and the common currency might break above 1.0780, then we could see 1.09 instead.
My advice: Stay out and watch, until end of Monday.
Link: euro-hits-three-week-high-amid-short-covering-before-france-vote
what to expect
Technical: There's a downward channel that connects all the recent highs of EURUSD since May 2016, which I believe is hard to break. Failing to break this channel will bring the pair back to down-trend. On breaking out of 1.06, we may drop gradually to 1.05 levels.
On the contrary, let's give it 30% chance that something unexpectedly happened, and the common currency might break above 1.0780, then we could see 1.09 instead.
My advice: Stay out and watch, until end of Monday.
Link: euro-hits-three-week-high-amid-short-covering-before-france-vote
what to expect
Note
This idea is outdated because of new information today. Please check my new post for more details.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.