Open an Account
☰
Open an Account
✖

Continued Macron relief rally helps boost EUR USD to extended 5 month high

By :   Global author , Financial Analyst
April 25, 2017 3:45 PM
After centrist Emmanuel Macron’s victory in the first round of the French presidential elections on Sunday, the euro gapped up sharply against its major rivals, including the US dollar. Key to that substantial gap was the fact that the pro-euro Macron succeeded in garnering the additional support and endorsement of his former challengers, including both conservative Francois Fillon and Socialist Benoit Hamon. Therefore, despite anti-euro Marine Le Pen also advancing to the final round in less than two weeks, the market’s strong optimism for an ultimate Macron win has led to a risk-on relief rally, especially for the euro and global equity markets.

Two days after the first-round results were known, EUR/USD has still failed to fill the gap to the downside, indicating continued strong support for Macron’s chances and for the future of the euro. The currency pair rose to key resistance around the 1.0950 level in afternoon trading on Tuesday, establishing a new 5-month high well above the late-March high, as a weakened US dollar lent further support to the surging euro.

Since its long-term lows around the 1.0350 support level in December, EUR/USD has generally been rising in a modest uptrend channel. If Macron’s prospects in the race for the French presidency continue to increase in the absence of any further scandals or unexpected surges in support for the anti-euro Le Pen, this uptrend could extend significantly further. In this scenario, a breakout above the 1.0950 level could extend EUR/USD momentum in the short-term towards the next major resistance around the 1.1100 level.


The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Products and services available depend on your location and the entity holding your account. Before deciding to trade forex, commodity futures, or digital assets, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to FOREX.com or GAIN Capital refer to StoneX Group Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.

Please note that foreign exchange and other leveraged trading involves significant risk of loss. It is not suitable for all investors and you should make sure you understand the risks involved, seeking independent advice if necessary.

FOREX.com is a trading name of GAIN Global Markets Inc. which is authorized and regulated by the Cayman Islands Monetary Authority under the Securities Investment Business Law of the Cayman Islands (as revised) with License number 25033.

FOREX.com may, from time to time, offer payment processing services with respect to card deposits through StoneX Financial Ltd, Moor House First Floor, 120 London Wall, London, EC2Y 5ET.

GAIN Global Markets Inc. has its principal place of business at 30 Independence Blvd, Suite 300 (3rd floor), Warren, NJ 07059, USA., and is a wholly-owned subsidiary of StoneX Group Inc.

© FOREX.COM 2026