Weekly Forex Forecast (May 8 – 12, 2017)

The Euro ended the week at a six-month high against the greenback after Thursday’s close above the 1.0950 handle. The strength came as a result of the first round of the French elections on April 23rd.

With the run-off results just in showing a Macron victory, one would think the single currency is heading even higher from Friday’s close.

However, the risk of a “buy the rumor, sell the news” type of reaction does jeopardize that view.

We won’t have any answers until the market opens, but even then it may take a day or two for participants to digest the outcome in France that would establish a clearer direction forward.

Source: Daily Price Action.

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