Will the euro going to meet 1.10 price area
Monday kicks off with the result of the French presidential first round; Macron was seen winning the first round of the French election, ahead of Marine Le Pen who is widely seen as being the Euro-negative candidate.
The latest exit poll has Macron with 23%, while Le Pen won 22% of the vote.
The initial reaction has been a surge in the Euro, which is already up nearly 2%, above 1.0900, a 5-month high.
From Technical view
Euro is still remain downtrend momentum, if you will look closely you can see the red bands that stopped him from going up /beak up since he started the down trend
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| EUR/USD ANALYSIS |
This week we have a lot of actions in the markets, this could lead to majors movements
US
Trump is going to announce in Thursday on new cut taxes “Donald Trump’s ‘massive’ tax plan”
US President Donald Trump’s “massive” tax reduction plan, details of which are expected on Thursday
Earnings Stocks
On the corporate front, US earnings season is in full swing with a raft of S&P 500 and Dow components reporting Q1 numbers.
Tech Thursday sees heavyweights Alphabet (GOOGL), Amazon (AMZN) and Microsoft (MSFT) report. There is also a group of significant ‘Trump trade’ stocks due to report, including defense groups Raytheon (RTN), Northrop Grumman (NOC) and Lockheed Martin (LMT).
Ford (F), General Motors (GM), Boeing (BA), McDonald’s (MCD), Chevron (CVX) and Exxon Mobil (XOM) are among some of the other large-cap stocks reporting this week, which is sure to make for a volatile week on the big US indices.
In the UK, it is a busy week for bank earnings, with Q1 numbers from Lloyds (LLOY), Royal Bank of Scotland (RBS) and Barclays (BARC) top of the bill for the FTSE 100. Thursday is a big day for ex-dividend factors, which should clip a few points off both the blue chip index and the FTSE 250.
GDP Readings
Friday is GDP day, with the advanced readings of the first quarter growth in the UK and US due out. Britain’s economy has proved markedly resilient since the EU Referendum, but as inflation, climbs there are fears this will hit consumer spending and result in a slowdown in the economy. Estimates indicate Q1 growth should be around 0.6%. The US reading for the first quarter will be closely watched in light of expectations the Federal Reserve is moving away from hiking rates again in June. A GDP beat could put that back on the table and boost the US dollar in the process. Estimates from different regional Fed banks suggest the figure could be anywhere between 1% and 3%, which significantly raises the prospect of volatility in USD pairs.
ECB
Finally, the European Central Bank (ECB) convenes again on Thursday. With French elections likely to still to be a factor and inflation having slid back, it is unlikely that policymakers will use this meeting for any major change in direction. Nevertheless, there is likely to be the usual pre- and post-press conference volatility in euro pairs, especially EURUSD.
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| EUR USD COT POSITION |
good luck
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