Monday April 24, 2017 - 10:05:58 GMT
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Conventional wisdom was right for once with The French Presidential vote Sunday. Barring unexpected developments over the next two weeks odds are Macron will be the next president. That means a "Frexit" from the EU and/or EUR is off the table for the near future. This is a positive for the EURUSD, which gapped higher before Asian markets opened today.
The EURUSD HOD has been 1.0920, while the LOD is 1.0800. If you look at the attached 5min chart, you will see an unusual "gap" in EURUSD prices from just above 1.0700 late Friday to above 1.0900 early Monday. Many technical traders feel that gaps have to be filled. They are not always filled, but there are times when they are not. traders are naturally going to be reluctant to expose themselves until the new EURUSD levels have been firmly established. Expect stops at the HOD and LOD while this testing out process plays out. Even late on Friday, note all the red support lines which have continued again today, but be aware if they suddenly start to disappear on your AT charts. The same goes for the uptrend line.
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Amazing Trader 5 min chart
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