The Euro (EUR) rebounded amid a broad pullback in the USD, note Frances Cheung, Rates Strategist, and Christopher Wong, FX Strategist at OCBC.
EUR/USD to remain range-bound ahead of elections
“The main focus is on the French elections in the short term. Depending on the tilt of the results, the immediate impact on the EUR may vary, but is likely to be tilted downwards, unless the result surprises with the Ensemble coalition of Macron gaining a larger share.”
“The pair was last at 1.0706 levels. Bearish momentum on the daily chart shows signs of fading while the RSI rose slightly. Some upside risks but two-way trading likely ahead of French election risks “
“Support is seen at 1.0660/70 (recent low) ahead of 1.06. Resistance at 1.0770 (50-DMA), 1.0810 (38.2% fib retracement of 2024 high-low, 100-DMA).”
Source: Fx Street
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