The first round of the French legislative elections takes place on June 30 (Sunday), notes the FX Strategist at OCBCChristopher Wong.
The elections in France determine the price of the EUR/USD
“The National Assembly of France has 577 seats. For an absolute majority, a party needs 289. Anyone who obtains >50% of the vote with a participation of at least a quarter of the local electorate automatically wins a seat. Candidates who do not “Those who obtained >12.5% of the votes will go to the second round on July 7.”
“The Euro (EUR) was last at 1.07 levels. Bearish momentum on the daily chart is showing signs of fading while the RSI was flat. Trades in both directions still likely ahead of French elections on Sunday. Support at 1.0660/70 levels (recent low) before 1.06 levels. Resistance is seen at 1.0770 (50 DMA), 1.0810 (38.2% Fibonacci retracement of 2024 high to low, 100 DMA).”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
