As can be seen from the following Monthly chart of the EUR:USD Forex pair, after yesterday’s first round of the French Presidential election, price is currently in a battle to regain a foothold above major resistance at 1.09.
A break and hold above this level could see a further push to the next major hurdle around 1.15. At the moment, the Momentum indicator is still below zero…watch for a confirming break and hold above that level on such an upward push. Otherwise, failure to break above 1.09 with conviction could see a retest of 1.03, or lower.
We may not see a clear path forward until the runoff election, which is to be held between Marine Le Pen and Emmanuel Macron in France on May 7.
