EUR/USD has gone through a good amount of bearish pressure after the GAP formed during the opening bell in the market today. Emmanuel Macron has been elected as the new president of France and the result is expected to strengthen EUR in the coming days. Today, amid the presidential election all the banks in France are closed today and along with it all other economic events were positive for EUR. Today, Germany's Factory Orders report was published with a positive figure at 1.0% which was expected to be at 0.7% and Sentix Investor Confidence report was also positive at 27.4 which was expected to be at 25.3. On the other hand, a Labor Market Conditions report is due in the US today which previously was at 0.4. Currently EUR is stronger than USD until USD finds support from very good economic data in the future.
Now let us look at the technical chart. The pair has been under an impulsive bearish pressure today since the market opened. In light of the French election yesterday, the market opened today with a GAP which was later filled up by the bears in this pair. Currently, the price is hovering below the important level of 1.0950. If we see a daily close below this level, then we will consider selling, viewing 1.0850 as the first target and 1.0720 as the second target. On the other hand, if the price reaches the next support of 1.0850 and rejects the bears off the level, then we might see another bullish move towards 1.0950 onwards.
