The euro takes a minor leap then falls right back down
Well, we got a gap but as expected, it wasn't a big one. The open, according to Bloomberg was 1.0999. The had the Friday close as 1.0998, so a 1 pip gap :-D Various retail platforms had an open around 1.1010/15/20.
None of it matters now because we're back well under 1.10 and back to levels seen around the NFP.
EURUSD H1 chart
The immediate level to watch now is the lows around 1.0950, then minor trend line support from the first round gap move. If any of this euro rally has legs, it will want to keep itself above 1.0900 at the very least.
1.1000 will be a tough nut again and we've already seen resistance there.
So what happens now?
Pure and simply, the French noise is past (in the markets eyes) and we'll get back to trading everything else in the world, and that means greater focus on the US side of things. The euro has been on a good run but now it needs to work a bit harder to maintain that work.
