Euro Dollar Fundamental Overview
Fiber holds ground near 1.0700 as the US dollar corrects, however, the EURO outlook remains uncertain ahead of the outcome of the French elections.
Investors fear that the formation of a new government in France could give a boost to spending plans, which could lead to a deepening budget crisis. Uncertainty over the French elections deepened after French President Emmanuel Macron called for early elections when his party suffered a defeat in the European elections against Marine Le Pen’s far-right Rassemblement National (RN). However, the victory of the Rassemblement National is not inevitable due to the formation of the French left, also known as the Popular Front.
Technical Analysis and Euro Dollar Forecasts
At the time of writing, the price of fiber is quoted at 1.0708, up 0.04% and in full swing in confirming the bullish assumptions that began in yesterday’s session, brought by yet another rebound from the support of 1.0680. Confirmed a close above the key level of 1.0700, the bulls could start to press the euro dollar with two short-term targets represented by 1.0740 and the annual level of 1.0764.
On the downside, only a close below 1.0680 will allow the fiber bears to take that final SHORT step to reach the 1.0643 yearly level.
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