ConanForex

EURUSD continues to fall to 1.0800 after GAP expansion

ConanForex Updated   
FX:EURUSD   Euro / U.S. Dollar
Dear traders, EUR/USD is having difficulty holding the 1.0800 support level recently. The upside is limited above this support level as rising political uncertainty in the EU, following the snap election in France, weighs on the Euro. Meanwhile, upbeat US NFP data tempered Fed rate cut expectations, adding legs to the US Dollar's rally. EU Sentix data reviewed.

From a technical perspective: From the 1-hour chart, a Gap has been formed at the breakout resistance area along with a reaction at the EMA 34.89. Current support is at 1.0750 if this is breached it could send the EU further down potentially reaching 1.0720 coinciding with a test of the EU's downtrend limits and expansionary support. I am quite optimistic that EURUSD will recover after retesting the above mentioned area and pave the way for a recovery to retest the GAP (price gap) as mentioned before.
Trade active
Comment:
The EUR/USD pair edged lower at the weekly open, falling to 1.0732 during European trading hours, its lowest in a month. The results of the European Parliament elections heavily influenced the Euro
Comment:
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Trade closed: target reached

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