After the French Election in the weekend EUR/USD has opened today with an over 150 pips GAP upwards. In the Election, currently Macron is leading with 23.9% votes where Le Pen is a bit behind at 21.4%. Any candidate reaching over 50% will be announced as a winner. Today we have EUR German Ifo Business Climate report is going to be published, it is expected to be at 112.4 which previously was at 112.3 and on the USD side today we have FOMC Member Kashkari's speech where he is going to discuss about key interest rates decisions and future monetary policies. As the market opened with a large upward GAP in this pair, a daily close today will indicate the upcoming move in this pair this week.
Now let us look at the technical view, the price has opened today above 1.09 but bears have pressurized the price to fall back towards 1.0850. Currently, the price is residing just above 1.0850 and if we see a daily close below 1.0850 then we will be looking forward to selling with a target towards 1.0720. On the other hand, if the price remains above 1.0850 with a daily close then we will be looking forward to buy with a target towards 1.1010. As of the market gap in place, it is expected that the GAP will be filled up first before the price climb upwards again.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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