‘It’s Le Pen’s anti-euro stance that’s worrying.’ – Mark Gilbert, Bloomberg
As it was forecasted before, the common European currency found support against the US Dollar in the 55-day simple moving average, which on Tuesday was at 1.0604 level. However, the forecast of a decline of the Euro against the Greenback still remains intact, as the latest rebound is seen as a consolidation after three consecutive trading sessions of losses for the Euro. The next level, where the pair will be heading is the weekly S1, which is located at 1.0568. Although, it is unclear where exactly the rate will encounter resistance, which will propel it lower.
SWFX traders have not changed their opinion, as 51% of open positions are long on Tuesday. In the meantime, 58% of trader set up orders are to sell the Euro.