‘Whatever the outcome of France’s presidential elections, it probably won’t raise the odds of an exit from the euro.’ – Stefania Spezzati, Bloomberg
During the early hours of Friday’s trading session the common European currency began the day and traded against the US Dollar between the levels of significance, which together have provided the pair with support for the past three consecutive trading sessions. At the start of the session the currency exchange rate was above the monthly PP, which is at 1.0650. The forecast of a decline remains in force, as it can be clearly seen that slowly but surely the pair is moving lower. After passing the monthly PP the rate is most likely set to fall to the 55-day SMA at 1.0688.
SWFX traders are neutral bullish on the pair, as 51% of trader open positions are long. Meanwhile, 60% of trader set up orders are to sell the Euro.