Euro Climbed to its Highest Level in Six Months

Euro Climbed to its Highest Level in Six Months

Euro Climbed to its Highest Level in Six Months

 

The common currency jumped above $1.09 after the first round of France's vote last month and held around that level as most market participants expected Macron, the pro-European candidate, to win. A Le Pen victory would have raised questions about France's future in the European Union and the Euro zone

 Economic data also provided a boost: GDP grew by 0.5% in Q1, showing accelerated growth. PMIs were OK, pointing to further growth and retail sales beat expectations with 0.3%. In the US, the Fed left rates unchanged and did not seem worried about the recent slowdown. The Fed helped the dollar, but not against the Euro.

EUR/USD's rise resumed last week and reached as high as 1.0999 last week. Further rise would be seen to 1.1058 projection level. But we maintain that rise from 1.0339 is a corrective move. Hence, we'd expect strong resistance around 1.1058 to limit upside to bring near-term reversal.

Initial bias in EUR/USD remains on the upside this week. The current rally would be seen to 100% projection of 1.0339 to 1.0828 from 1.0569 at 1.1058. At this point, rise from 1.0339 is still seen as a corrective move. Hence we'd expect strong resistance from 1.1058 projection to limit upside and bring near-term reversal. On the downside, break of 1.0874 support will turn bias back to the downside for 1.0569 support first.

 

 

 

 

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***Information contained in this news letter are gathered from third parties and should not be regarded in any way as trade advice or recommendations by CM Trading. CM Trading does not recommend or advise traders or investors in their decision making, but merely provides information from the market for its clients as additional information being made available as per the events occurring in the financial markets.

 

 

 

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