Fundamental: So investors have been covering their shorts before French election, that made EURUSD green for this week. We're heading into a quiet weekend as market awaits vote results on Monday Apr 23. Whoever get elected is expected to leave negative effects on EUR.
Technical: There's a downward channel that connects all the recent highs of EURUSD since May 2016, which I believe is hard to break. Failing to break this channel will bring the pair back to down-trend. On breaking out of 1.06, we may drop gradually to 1.05 levels.
On the contrary, let's give it 30% chance that something unexpectedly happened, and the common currency might break above 1.0780, then we could see 1.09 instead.
My advice: Stay out and watch, until end of Monday.
Link: euro-hits-three-week-high-amid-short-covering-before-france-vote
what to expect
Technical: There's a downward channel that connects all the recent highs of EURUSD since May 2016, which I believe is hard to break. Failing to break this channel will bring the pair back to down-trend. On breaking out of 1.06, we may drop gradually to 1.05 levels.
On the contrary, let's give it 30% chance that something unexpectedly happened, and the common currency might break above 1.0780, then we could see 1.09 instead.
My advice: Stay out and watch, until end of Monday.
Link: euro-hits-three-week-high-amid-short-covering-before-france-vote
what to expect
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