Recently held European Parliament Elections , that led to new French Elections ( An early legislative election is expected to be held in France in two rounds on 30 June and 7 July 2024, to elect the 577 members of the 17th National Assembly of the Fifth French Republic. ) are not going to change anything in Europe – at least not overnight.
All that fuss and market uncertainty talks are just the need of the market participants to look for some new opportunities and to shake it a bit.
Only one that is in the problem is French President Emmanuel Macron – guy has to start looking for the new job…his chair is in the question and not the Destiny of the World.
Etiquettes like Far this and that are just etiquettes….not a single politician is far anything…unless caught from time to time as went too far away with lying, stealing and such…
So calm down and let the EURUSD go it’s marry way – Down….
Facts that no one is mentioning when talking about Europe , like increased unemployment of youth, hysterical inflation that is not going to go away, closing of big companies, war on it’s continent, to name just a few are the real reasons behind the need for EUR to kind of devaluate…
There are some other issues that is hard to spot and/or understand for bystanders and onlookers, but are major reasons for political shift in Europe today:
- Constant migrant crisis , caused primarily by German driven policy of open borders ( most other member countries do not agree, but keep in line with it
- Increased influence by certain parties like “Greens” and their policies that confront not only interests of average people, but sometimes is going against it straight forward
- Cacophony of voices coming from Brussels that moves further away ruling elite from the public
- Even the approach to war in Ukraine ( being not only the moral question , but probably one of existence for the Europe as we know it today ) and no matter how real the threat is , your ordinary Joe doesn’t want to sacrifice his well being for other nation …
- After decades of strong leaders, Europe got stuck with some pretty lame ones ( won’t mention them by names, but you know the players…)
And when you take all that in the account , add few more Major ones in the pot like China, Natural gas, lack of own energy resources, nations getting older and older ( who’s gonna pay all these retirement checks – so move the retirement age further ) …
And one that is my favourite : Get me elected at any cost , so I can move my precious ass to the Brussels ( better and safer pay)
There are many many more, but we would need at least few cases of beer to discuss it all in detail…
In the mean time, we all have to place few bets on the current European Football Championship .
So if all of this is not enough for you to consider selling EUR , let’s look at it from the technical perspective : Weekly Chart
Support at 1.06500 – everything else below are just Bus stops…a bit of waiting and the journey continues…
Resistances at 1.07650 & 1.08500
For those of you that haven’t been around back in time when EUR was created , All time Low was in 09.2000. at 0.82250 – we touched it and never had the chance to retest it.
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