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Dec 03 - 07:55 PM

EUR/USD - Soft Early, Negative Charts, French Politics Cap

By Andrew M Spencer  —  Dec 03 - 06:30 PM
  • Off 0.05% early after closing up 0.1%, inside day, with the USD off 0.1%

  • French risk premium near 12-year high as the government faces collapse

  • Far-right leader Marine Le Pen behind a second crisis in 6 months

  • Charts - daily momentum studies flat-line as 21-day Bollinger bands contract

  • 5, 10 & 21-DMAs crest, weekly moving averages fall - net a bearish setup

  • 1.0571 21 DMA then the 1.0610 recent range top is pivotal resistance

  • Last week's 1.0425 base and the November 1.0331 low are initial supports

  • 1.0490 550mln and 1.0525 1.902BLN close major strikes for December 4th

    For more click on FXBUZ

Source:
London Stock Exchange Group | Thomson Reuters

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