EUR/USD profit taking from the high for the year will be expanded to the Macron victory

FXStreet The EUR/USD is extending its correction from the 6 month high, with the Macron victory over 1,1000 (psych. Level) was formed. The new day was formed deep in 1,0950.

With the exception of the initial reaction, the subsequent course of development suggests that the markets are the result of the 2. Round of the French presidential elections had already been priced in. Emmanuel Macron emerged from the election as the clear winner.

The correction was reinforced by the moderate buying interest against the USD, as expectations of a possible Fed rate hike increase. The CME Group FedWatch Tool shows a probability for this event in June of 85 %, of which, the Greenback benefited.

The dealers seem to have better-than-expected result of the German factory orders largely ignored, and so the profit-taking on Monday, the determining issue. From the US, awaits us today, the St. Louis Fed President James Bullard’s speech.

Important Levels

Supports lie at 1,0930, 1,0915, 1,0885/80 and 1,0850. On the other hand, Resistances are seen at 1.1000, 1,1020/25 and 1,1055/60.

EUR/USD bids above 1,0832

** FXStreet News Editorial, FXStreet**

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