EURUSD....... In light of the French Election what Technical are hinting at...
I'm not going to go in details on the French Election and what I may on the possible outcome. The only important factor possibly can be the Le Pen making it to the second round & the fear and dilemma it can bring leading to possible Frexit and the collapse of EU.
To think about it; the co founder of the EU pulling away could be catastrophic for the EURO.
Anyways coming back to the main point here & with expected wide moves to happen; I have used bigger time frames like Monthly & Weekly to illustrate my technical point of view. Though these tech moves will be off the back ground of the fundamental aspect of the news outcome - yet we can layout possible zones for the price to travel.
EURUSD Monthly ( First Chart) - In a Nutshell any power break out of the current downward channel in play ( T2 & T4 ) can either hit EURUSD all the way back up to test where the possible end of correction zone lies to 1.23 to 1.24 handle or down towards 0.90 handle. Given the width to either side - this makes all eyes on the French Election.
EURUSD Monthly ( Second Chart) - A zoomed up view & added few tech clauses to it. Pretty straight forward...
EURUSD Weekly - Here I have illustrated some tech points and the main plays been the Bear Flag breakout earlier and where we residing on the price action projects another possible Bear Flag in play.
Unlike Monthly which leads the initial channel top to 1.12XX; on the weekly its roughly to 1.1000 handle which is fine as this to be taken an earlier step or ladder require to get to where the bigger time frame is projecting.
EURUSD Daily - Again unlike Weekly 1.095X-6X comes in as initial end of correction / break point for rallies to unfold up north or collapse under. Again smaller time frames projecting break earlier or acting as an earlier warning signs.
Tahir Khan, or better known online as Stryker has been dealing in the global markets for 15 years. He as developed extensive knowledge in FX / Indices / Commodities and Futures. He is one of the most active members on some of the best Forex forums in the world.
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