EURUSD Chart Technical Outlook rises on hopes of a hung parliament in France, 1.08 in play
The far-right leads the French elections – by far. However, the National Rally, seen as business-unfriendly, is unlikely to reach a majority in parliament. Markets had been bracing themselves for an extreme scenario in which the populist right or left would take over French economic issues – and it does not look so bad.
The final results of the first round are more likely to point to a hung parliament. President Emmanuel Macron’s center and the leftist New Popular Front would tell candidates to withdraw to support each other, blocking Le Pen’s party.
The final list of candidates is due on Tuesday, and the second round of voting is set for Sunday. There High volatility is likely as the political picture gradually clears.
What about the US Dollar? It is somewhat on the back foot after Friday’s PCE report showed it is falling.
EUR/USD is attempting to break above resistance at 1.0762, and the next line is 1.08 – a round number – a
