#EURUSD Uncertain Future After Surprise French Election Results
🔹The French election resulted in a surprise with the left-wing New Popular Front gaining the most seats in the National Assembly.
🔸This has led to a hung parliament, creating potential governance challenges for Macron's party. French financial markets are slightly lower as traders await details on the new government.
🔹French borrowing costs are expected to rise due to proposed policies like lowering the pension age and increasing the minimum wage.
🔸The Euro remains stable, benefiting from US dollar weakness, the pair can drift to 1.087 and with further weakening of the Dollar and the 200 MA becoming a strong support, the price can rise to 1.091, 1.097 and 1.103.
🔹In a divergent approach, a stronger Dollar can push the price below the 200 MA (1.097) where the next targets would be the 0.61 (1.071) and 0.78 fib level (1.059) and the strong support at 1.053.
Zanzibar Trading
🔸This has led to a hung parliament, creating potential governance challenges for Macron's party. French financial markets are slightly lower as traders await details on the new government.
🔹French borrowing costs are expected to rise due to proposed policies like lowering the pension age and increasing the minimum wage.
🔸The Euro remains stable, benefiting from US dollar weakness, the pair can drift to 1.087 and with further weakening of the Dollar and the 200 MA becoming a strong support, the price can rise to 1.091, 1.097 and 1.103.
🔹In a divergent approach, a stronger Dollar can push the price below the 200 MA (1.097) where the next targets would be the 0.61 (1.071) and 0.78 fib level (1.059) and the strong support at 1.053.
Zanzibar Trading
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