The EUR /USD pair declined on Monday as mixed economic data coming out of Europe added to existing worries about political risk in the continent, driving investors to sell the single currency. France will vote in a two-r…
The EUR /USD pair declined on Monday as mixed economic data coming out of Europe added to existing worries about political risk in the continent, driving investors to sell the single currency.
France will vote in a two-round presidential election at the end this month and at the start of May, with investors worried by the risk that the far-right anti-EU Marine Le Pen could stage a surprise victory.
Polls show Le Pen seeing off her rivals in the upcoming first round of the French presidential elections, but being beaten in the run-off vote.
The ongoing weakness is set to continue for this pair as the resistance level at 1.0694 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, the immediate resistance can be seen at 1.0663, a break above this level would expose the pair to next resistance level at 1.0694.
To the downside, immediate support can be seen at 1.0632, a break below at this level will open the door towards next level at 1.0595.
