The Euro Chases French Elections - Forex News by FX Leaders

The Euro Chases French Elections

Posted Monday, March 6, 2017 by
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?

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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