The euro bounced back after the French elections but is still trading near 1.09. The BBH economists indicate that the pair EUR/USD has chances to test the low of March 7 near 1.0805.
The second round will be played between Macron and Le Pen
“Macron got 28% of the vote against Le Pen’s 24% in the first round. An early poll shows Macron winning 54-46% in the second round, while another is much closer at 51-49%. We caution against the so-called Bradley effect, which suggests that polls are likely to underestimate Le Pen’s support. If the polls adjust before the second round, we expect the markets to get tighter.”
“A break above 1.1050 is needed to signal a deeper correction to the 31 Mar high near 1.1185.”
“A test of the March 7 low near 1.0805 is still on the cards.”
Source: Fx Street
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