Euro, EURUSD Talking Points:
- It was a big weekend of drivers in Europe through European Parliamentary elections; but that interest is not significantly reflected on the charts as most Euro-pairs remain with some form of near-term digestion.
- Last Tuesday, I called EURUSD a bear trap[1]. On Thursday, the pair posed a false bearish breakout and prices have since snapped back to key resistance, taken from prior range support. Do EURUSD bears have another swing left?
- DailyFX Forecasts are published on a variety of currencies such as Gold[2], the US Dollar[3] or the Euro[4] and are available from the DailyFX Trading Guides page[5]. If you’re looking to improve your trading approach, check out Traits of Successful Traders[6]. And if you’re looking for an introductory primer to the Forex market, check out our New to FX Guide[7].
Do you want to see how retail traders are currently trading EURUSD? Check out our IG Client Sentiment Indicator[8].
EURUSD Snaps Back to Key Resistance Zone
It was a contentious weekend in European politics as populist parties continued to gain ground[9] in key areas like Italy and France; with Emmanuel Macron’s En Marche party losing out to Marine Le Pen’s National Rally while Matteo Salvini’s League may have just become the most dominant party in Italy. To be sure, this is a theme that’s been brewing for years, drawing back to April of 2017 when Le Pen’s defeat led to a gap-up in EUR/USD[10]
