Markets do noit like ucnertainty. Here is an article
Summary
Macron calls early election after far-right surge in EU vote
Finance minister predicts historic impact of French election
Possible hung parliament, risk to Macron’s domestic agenda
Euro and French stocks fall after far-right gains at EU level
PARIS, June 10 (Reuters) – Political parties and business leaders alike tried to figure out what a possible far-right win could mean for France following President Emmanuel Macron’s decision to call a snap election after a bruising loss in a European Parliament ballot.
France weighs up prospect of far-right power as countdown to snap election starts
EURGBP WEEKLY CHART -MIND THE GAP HERE AS WELL
THIS IS A GOOD CROSS TO USE AS AN INDICATOIR OF EUR STRENGTH IN WEAKNESS, CURRENTLY THE LATTER AFTER THE GAP LOWER OPENING. –GAP is from .8490-.8371
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With next key supports noit until the .83xxs, use .8450 as a focal point wiuthin .84-85 and a move above .85 WOULD BE needed to suggest cooling concenrs.
Geoplotiical driven markets are a different animal as you will see in this blog article
EURUSD Gaps Lower: How to Trade in a Geopolitical Market
EURUSD 15 MINUTE CHART – TRENDLINE
I scan through charts looking for whatever indicator is working. AND THEN KEEP AN EYE ON IT.
In this case, using THE Amazing Trader, note how the 15 miunte trendlkine capped the biounce off the low.
Whoever wrote this had sound reasoning and highly knowledgeable. The problem is the market doesn’t care about your all-knowing prognostications and did the complete opposite:
7:30AM EDT, 5/31/2024 (MT Newswires)—US equity and bond markets outperformed counterparts in Europe and elsewhere during May and some models suggest this is likely to lead to broad US Dollar selling as asset managers rebalance hedging ratios in North American trade on Friday.
EURUSD Daily
To add some salt to the injury 😀
1.07100 might be the first real test in front of us – from theory to reality : Resistance becomes a Support – but if not, we’re in for a wild ride then.
Gap was an overreaction to EU elections results from last night – too much fuss about nothing….yet another Liberal scare.
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