EURUSD Under Tension, Awaiting Direction Ahead of French Election【June 28, 2024】
Fundamental Analysis
French General Election This Weekend, Far-Right Gains Support
Caution Needed for Holding EURUSD Positions
EURUSD Hovering Around 1.07USD, Attention on Today’s US Core PCE Price Index
EURUSD technical analysis
Analyzing the daily chart of EURUSD, it appears to be forming a range market. In reality, it is part of a significant downward trend, with lower highs being confirmed. Currently, it can be said to be a consolidation phase. Depending on the results of the French general election scheduled for the weekend, the EUR could be heavily sold off.
It is essential to be cautious of the potential for a significant gap. If it sells off significantly, a drop to around 1.0573USD can be considered. If it rises, 1.082USD should be considered. In any case, it is difficult to predict how much fluctuation will occur on Monday.
It is advisable to make an effort to clear positions as much as possible.
Day trading strategy (1 hour)
Analyzing the 1-hour chart of EURUSD. A major downward trend is forming, with consistently lower highs. With a major election approaching this weekend, there is a possibility that volatility will decrease. Recently, 1.067USD appears to be functioning as a support line.
For the day trading strategy, consider selling at the 240-moving average. At the time of writing, it is at 1.072USD. The stop should be set at 1.075USD. The target for settlement should be around 1.068USD. The policy is not to carry positions over the weekend.
Support/Resistance lines
The following support and resistance lines should be considered going forward.
1.07USD .. Round Number
Market Sentiment
EURUSD Sell: 49% Buy: 51%
Featured Currency Pair of the Week (GBPCHF)
GBPCHF is rising. It is approaching the 52-day moving average. Indirectly, but with the French general election scheduled for this weekend, the GBP could also be affected. The UK general election is scheduled for July, and speculation may spread following the results of the French election.
A short-term upward trend is forming. Attention should be paid to movements around the 52-day moving average.
Today’s important economic indicators
Economic indicators and eventsJapan timeJapan Unemployment Rate8:30UK GDP15:00Canada GDP21:30US Core PCE Price Index21:30University of Michigan Consumer Sentiment Index23:00
*Trading advice in this article is not provided by Milton Markets, but by Shu Fujiyasu Jr., a certified technical analyst.
Risk Disclaimer
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
This analysis is for educational purposes only and does not constitute investment advice. Trading forex and CFDs involves significant risk and may not be suitable for all investors. Past performance is not indicative of future results.
