Despite anti-USD sentiments are getting weaker, the EUR/USD pair is steadily growing before the weekend.
The main currency pair is getting more expensive on Thursday afternoon. Yesterday’s trading session wasn’t positive for the Euro, but today bulls recovered. The current quote for the instrument is 1.0742. Today’s high was at 1.0778.
Nothing is going on in the pair so far. Buyers are “flexing their muscles”, but closer to Friday the Euro may come under pressure because of the presidential elections in France. The situation is still very intriguing and the first voting is believed to be pretty dramatic. The major risk for the Euro is that Eurosceptics, who think that it would be better for France to leave the European Union, “outweigh” their opponents. This scenario is liked by a lot of people, but scares far more.
Today, Germany published rather weak report on the PPI. In March, the indicator added only 3.1% y/y, but didn’t change on MoM. The report couldn’t provide support to the EUR/USD long positions, but it didn’t have to: right now, it’s all about the geopolitics.
The EUR/USD pair is very unlikely to break today’s highs until first news from France.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.