Over the weekend I presented the idea that market participants could react in a “buy the rumor, sell the news” manner following Sunday’s Macron victory in France.
Given the 270 pip rally since April 21st, the idea of a EURUSD selloff this week was certainly plausible.
Now that participants have had some time to digest the weekend volatility, it appears that selling the news was indeed the way to go.
After gapping up 20 pips to 1.1019 on Monday, the single currency has reversed course and has now closed back below 1.0950 on a 4-hour closing basis.
Source: Daily Price Action
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