BUZZ-COMMENT-EUR/USD in quagmire after first round of French election

Reuters07-01

July 1 (Reuters) - EUR/USD will likely remain in a quagmire this week after an inconclusive result in the first round of France's snap election. FX traders should expect consolidation until results of the second round are digested next week, after which it will likely slump.

EUR/USD jumped on Monday after the convincing and historic gains by the French far right in the first round of parliamentary elections fell slightly short of some expectations, leaving the final result dependent on party deals before a second round next weekend.

However, spot has been limited by the widening daily Ichimoku cloud supply that currently spans the 1.0772-1.0805 region.

There is EUR/USD scope for a bearish resumption to eventually test the 2024 1.0602 $(EBS)$ low, which was posted in April, due to the negative alignment of the tenkan and kijun lines. However, a break and daily close back above the cloud would be quite a bullish development.

For more click on

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(Martin Miller is a Reuters market analyst. The views expressed are his own)

((martin.miller@thomsonreuters.com))

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FX traders should expect consolidation until results of...</p>\n\n<a href=\"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BUZZ","symbol_name":"VanEck Social Sentiment ETF","start_time":0,"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","article_id":"2448961436","we_media_id":"1036604489","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2448961436","pubTimestamp":1719826150,"sourceInfo":null,"weMediaInfo":{"media_name":"Reuters","introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"summary":"July 1  - EUR/USD will likely remain in a quagmire this week after an inconclusive result in the first round of France's snap election. 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