‘France’s presidential race enters its final stretch with no clear winner in sight as the main contenders scrap for votes in a flurry of campaign rallies.’ – Geraldine Amiel and Vidya Root, Bloomberg
On Tuesday morning the common European currency fluctuated against the US Dollar just above the 23.60% Fibonacci retracement level, which is located at the 1.0639 level. The rate had retreated to the retracement level due to bouncing off from the resistance put up by the weekly R1, which is located at the 1.0672 level. It is most likely that the currency exchange rate will rebound against the Fibonacci retracement level and continue on its path higher. However, the strong resistance cluster just above it, near the 1.0680 mark, will hinder the rates surge.
Traders are almost neutral, as 51% of open positions are long. Meanwhile, 55% of set up orders are to sell the Euro.