Macro approach:
- The euro-dollar rebounded after recent losses as falling French bond yields eased concerns over eurozone debt markets.
- The ECB’s Rehn said the energy shock had yet to fuel broader price or wage pressures, while far-right French presidential candidate Le Pen proposed deeper deficit cuts.
- The euro-dollar could remain volatile as markets reassess France’s fiscal outlook and the ECB’s interest-rate path.
Technical approach:
- EURUSD retested the key resistance at 1.1260 before correcting. The price is below both bearish EMAs, suggesting downtrend continuation potential.
- If EURUSD remains below EMA21, it may decline toward the immediate support at 1.1170.
- Conversely, closing above EMA21 and 1.1260 may prompt a further correction toward EMA78.
Analysis by: Quoc Dat Tong, Senior Financial Markets Strategist at Exness
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