The Euro Chases French Elections
Skerdian Meta • 1 min read
It´s Monday morning and everything seems pretty normal; it´s relatively quiet compared to what we are used to from the last year or so.
Most of the major forex pairs are trying to convince themselves they´re still alive, but looks like only the Euro has some life left in it.
Euro pairs made a move in the last hour or so; EUR/USD jumped about 45 pips from 1.0640 to 1.0640, but has now reversed all the gains and is having a fight with the 200 SMA on the daily chart now.
This sort of price action points down, since it failed to break above a soft resistance level (1.0640-50) when the momentum of this forex pair was in full swing. Yep, the price is slipping quickly as I type and it just broke below the 200 SMA on the hourly forex chart right now.
We´re not selling this forex pair right now since we already have a buy forex signal in USD/JPY, but right now the momentum is positive for the Buck.
That said, the 1.06 level in EUR/USD (give or take 15-20 pips) is providing support right now, so how about considering a buy order here?