The Euro (EUR) has regained some ground as market concerns about the French government’s impending no-confidence vote (likely on Wednesday) appear to have eased, notes Shaun Osborne, Chief FX Strategist at Scotiabank.
EUR rises slightly
“French assets are trading more comfortably and modest gains in OATs suggest there may be some bargain-hunting extending some support to local markets this morning. It may be helping on the diplomatic side that President Macron has invited the President elect Trump to the reopening of Notre Dame in Paris this weekend.”
“Spot is showing some tentatively positive signs on the intraday chart after rallying from the highs of 1.04 to the lows of 1.05 in European trading. But the gains are still well below the kind of level that could drive more significant appreciation in December.” “
“Short-term chart patterns are still leaning more towards a EUR uptrend in my opinion, but spot gains through the 1.05 highs are needed to trigger more strength. Resistance is at 1.0590/95. Support is at 1.0460/70.”
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.
