Thursday April 20, 2017 - 09:14:52 GMT
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With the economic calendar having been light this week, the focus of trade early in the period had been on the U.K. call for snap elections. The knee-jerk reaction to the news has been to buy the GBP on an expectation that PM May would solidify her control over Pariament. Nevertheless, there continue to be worries about the longer term implications about Brexit on the economy. The French Presidential election on Sunday is the immediate focus. It has come down to a close four candidate race with the full political spectrum from far right to far left represented by viable candidates. any of the four could emerge os one of the two finalists for the second round vote on May 2. Markets are likely to be cautious into this weekend.
The EURUSD HOD has been 1.0777, while the LOD is 1.0708. Local upside stops in EURUSD have been run. We are close to the HOD at the moment. Looking at the Amazing Trader EURUSD 5 min chart, the current momentum clearly is up. EURUSD should maintain a positive tone as long as it holds above the neutral 1.0750 line. the 1.0800 line is psychological resistance with 1.0825-27 a more distant major target.
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