Bank of Canada hiked overnight rate for the third time in this cycle. Market reaction was messy. There appears to have been a leak which prompted sell-the-fact trade about 20 seconds before the release. Price then whipsawed in a 150-pip range before settling in the middle. 1.24 is the initial support, 1.25 the resistance.
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EURo sold after briefly trading above 1.10
Emmanuel Macron is the next French president. His winning by a wider than expected margin and also Merkel's success at state election in Germany led to a small gap higher at the open. Higher prices were not sustained and sell-the-fact trade ensued.
Pulling back about 70 pips from the overnight high, EUR/USD is now firmly back below 1.10. 1.095 is the immediate support, followed by 1.09 and stronger one between 1.083 and 1.085. 1.10 should continue to act as a resistance until convincingly broken…
Pulling back about 70 pips from the overnight high, EUR/USD is now firmly back below 1.10. 1.095 is the immediate support, followed by 1.09 and stronger one between 1.083 and 1.085. 1.10 should continue to act as a resistance until convincingly broken…