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2017.04.2409:59:00UTC+00Fxwirepro: Eur/usd Rises After French Election, 1.0950 a Key Barrier
The EUR/USD rose higher on Monday as the single currency gained after the first round of France's presidential election turned out bang in line with opinion polls, easing currency market concerns about another systemic political shock from next month's second round.
Centrist Emmanuel Macron took a big step towards the French presidency on Sunday by winning the first round of voting, with the latest opinion polls showing him as strong favourite to beat far-right candidate Marine Le Pen in the final run-off.
The news represented a huge defeat for anti-European Union forces on the right and left of French politics, sent the euro higher across the board.
Currently, the currency pair is trading at 1.0866 levels, it is set to advance further towards 1.0910 and later 1.0950 levels in the short term.
To the upside, immediate resistance can be seen at 1.0876, a break above this level would take the pair towards next resistance level at 1.0913.
To the downside, strong support can be seen at 1.0818 levels, a break below this level will open the door towards next level at 1.0756. Resistance Levels
R1: 1.0876 (38.2% Retracement level)
R2: 1.0913 (Daily high)
R3: 1.0950 (23.6% Retracement level) Support Levels
S1: 1.0818 (50% Retracement level)
S2: 1.0756 (61.8% Retracement level)
S3: 1.0700 (Psychological levels)
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