EURUSD long close to target after presidential debate in France
Macroeconomic overview
Centrist Emmanuel Macron solidified his status as frontrunner in France's presidential election on Monday in a televised debate during which he clashed on immigration and Europe with his main rival, far-right leader Marine Le Pen. A snap opinion poll showed Macron was seen as the most convincing among the top five contenders in a marathon debate of nearly three and a half hours that delivered no knock-outs.
The debate, and the two others that will follow ahead of the April 23 first round, are seen as key in an election in which nearly 40% of voters say they are not sure who to back.
After the surprise of Britain's Brexit vote and the election of Donald Trump in the United States, markets are nervous about the possibility of a Le Pen victory. She is pledging to take France out of the euro and hold a referendum on EU membership. Only the top two candidates go through to the runoff, where polls show Macron easily beating Le Pen.
The EUR/USD briefly rose above 1.0800 for the first time in six weeks on Tuesday as Macron’s performance in a TV debate fuelled expectations he would win the French presidency.
Technical analysis
February’s high 1.0828 is in sight. The high could be a strong resistance level as it is also 38.2% fibo of the 1.1616-1.0340 May 2016-February 2017 move. Some correctives move near February’s high are likely.
Trading strategy
Our EUR/USD long opened at 1.0615 is in good shape now and very close to the target of 1.0820. We have locked in profit at 1.0765.
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Centrist Emmanuel Macron solidified his status as frontrunner in France's presidential election on Monday in a televised debate during which he clashed on immigration and Europe with his main rival, far-right leader Marine Le Pen. A snap opinion poll showed Macron was seen as the most convincing among the top five contenders in a marathon debate of nearly three and a half hours that delivered no knock-outs.
The debate, and the two others that will follow ahead of the April 23 first round, are seen as key in an election in which nearly 40% of voters say they are not sure who to back.
After the surprise of Britain's Brexit vote and the election of Donald Trump in the United States, markets are nervous about the possibility of a Le Pen victory. She is pledging to take France out of the euro and hold a referendum on EU membership. Only the top two candidates go through to the runoff, where polls show Macron easily beating Le Pen.
The EUR/USD briefly rose above 1.0800 for the first time in six weeks on Tuesday as Macron’s performance in a TV debate fuelled expectations he would win the French presidency.
Technical analysis
February’s high 1.0828 is in sight. The high could be a strong resistance level as it is also 38.2% fibo of the 1.1616-1.0340 May 2016-February 2017 move. Some correctives move near February’s high are likely.
Trading strategy
Our EUR/USD long opened at 1.0615 is in good shape now and very close to the target of 1.0820. We have locked in profit at 1.0765.
GrowthAces.com - your daily forex trading strategies newsletter
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