This result was greeted with relief and joy throughout Europe. But what lies ahead now for France and the EU? This victory has certainly bought some time, but the French people want to see change and tangible results. This was after all the reason why Marine Le Pen made it to the second week run-off. It was primarily a frustration vote as the public gradually grew tired of the status quo and wanted change. Macron now has 5 years to provide solid results, or Le Pen will surely win the next presidential elections. Macron is a progressive, Europe-friendly politician with big ambitions. He is the youngest French President in history and forex has come through hard work and dedication. The road for him will be far from easy. The first hurdle is coming up shortly, and that is the French legislative elections. They will be held on the 11 th and 18 th June and will elect the members of the French National Assembly. Macron also has the elections task of turning around the stuttering French economy. Other important indicators such as economic growth are also underperforming many of the other EU countries. Another key issue that he will have forex tackle is Brexit. Macron is a vocal advocate of a united Europe and he will have to guide France through the process as he becomes a key part of Brexit talks. He will also aim to forge and maintain a strong relationship with Germany, even though he has differing views in some important issues such as Greek debt relief. Last but not least, Macron will have a tough time addressing what is possibly the biggest issue with French citizens right now: At first glance it seems like an impossible compromise. However, it cannot be considered it a success unless he successfully manages to steer his country along the perilous road that lies ahead. France and the Euro have dodged a bullet, but can they pull it off? The EURUSD gapped higher after the 1st round of the elections finally breaking the multi- month triangle formation. The past couple of days have produced a pullback but as long as we remain above the 1. As mentioned above if you want to be short the EURUSD you might want to gain some long USDCHF exposure instead. Buying the pair now may not be the right time since we have moved up so quick and so close to the major Fibonacci level, but on dips back to 1. The EURJPY has been trading in a textbook manner from a technical perspective. We need to comment here that other EUR cross rates like the EURAUD the EURNZD, the EURCAD, the EURNOK and others have decisively turned higher but are currently overextended and show signs of upcoming corrections. There will be a follow up post when we consider that they present buying opportunities once again. The EURUSD has reversed this week at important confluence of Fibonacci resistance and harmonic patterns. The confirmation level for this bearish reversal is 1. The EURGBP weekly chart shows the Summer rally terminated at a 0. Reversals at a 0. The question is therefore how do we get there. The EURGBP has been in wedge consolidation since November low and a weekly close below 0. This is the more elections scenario forex term for EURGBP. However a downside break of the wedge does not make a measured move ABCD pattern, to see that we would need a break to the upside first to around 0. EURUSD has been trading higher during the past three weeks and specifically since the first round of the French elections that created the gap from 1. Technically I assumed that euro recovery is going to be temporary based on an Elliott wave look on higher time-frame charts where the big decline seems to be incomplete. On the other hand I was closely monitoring the 1. This sell-off looks impulsive on intraday charts, so we can assume that the Euro is currently headed lower. If the EURUSD stays bearish like aforementioned then I am also elections at some other crosses that may be pressured, such as EURCAD, or EURGBP. For the EURCAD especially if Crude Oil holds the recently established It was placed in wave B so the market is expected to resume lower into wave C, towards the 0. List choice News Letter. Home Blog Education Macro Analysis Candlestick Analysis Basic Technical Analysis Harmonics Analysis Elliott Wave Analysis About ForexAnalytix Our Team Pricing Sign Up Login Help Search. Click here to open Help. EUR crosses post French Elections You are here: Is Macron good Macro? What do the charts have to say? The pair is breaking higher! Categories Combined Analysis Educational Elliott Wave Analysis General Harmonics Analysis Macro Analysis News Technical Analysis Latest News If gold breaks out, what other dominos could fall? Categories Combined Analysis Educational Elliott Wave Analysis General Harmonics Analysis Macro Analysis News Technical Analysis.
Euro traders focus on French election (21.04.2017)
Euro traders focus on French election (21.04.2017)
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