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EUR/USD Struggles Amid European Parliament Election Results

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The Euro (EUR) faced challenges finding demand at the beginning of the week, influenced by the results of the European Parliament election and a risk-averse market atmosphere. Consequently, the EUR/USD pair closed in negative territory for the second consecutive day on Monday. By Tuesday, the pair was holding steady around 1.0750, as investors adopted a wait-and-see approach ahead of key macroeconomic events scheduled for Wednesday.

Market Sentiment

Election Impact: The outcomes of the European Parliament election have contributed to the Euro's lack of demand, reflecting political uncertainties that typically weigh on market sentiment.

Risk Aversion: The current risk-averse market environment has further suppressed the Euro's appeal, with investors seeking safer assets.
Investor Caution

Early Tuesday, markets remain cautious, preventing the EUR/USD from staging a significant rebound. This cautious sentiment is likely to persist until more clarity emerges from upcoming macroeconomic data and events.

Technical Analysis

From a technical standpoint, the outlook remains consistent with our previous analysis:

Oversold RSI: The RSI on the H4 timeframe indicates that the pair has exited oversold conditions, suggesting potential for a bullish impulse.
Gap Fill Opportunity: We anticipate a bullish move to fill the gap from Friday, aligning with our strategy to open a position and place a limit order as indicated on the chart.

In conclusion the EUR/USD pair is navigating a complex landscape marked by political uncertainties and cautious market sentiment. Despite these challenges, technical indicators suggest a potential for a bullish rebound. As the pair exits oversold conditions on the H4 RSI, we are positioning for an upward move to fill the previous gap. Investors should remain attentive to upcoming macroeconomic events, which will likely provide further direction for the pair.

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