French President Emmanuel Macron called a snap election after his party suffered a heavy defeat to the far-right National Party at this weekend’s European elections.
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 30, 2024 13:00 GMT when EUR/USD traded near 1.08.Retail Trader Sentiment Analysis: EUR/GBP Bias Remains MixedThe Euro is weakening across a range of EUR-pairs in early trade after this weekend’s European elections saw a marked shift to the right.
The renewed political uncertainty can be seen across a range of assets Monday, with the French CAC 40 currently trading over 1.7% lower, while the Euro is weak against a range of currencies. The CAC 40 is trading at a fresh multi-month low after breaking support around the 7,900 level. The next zone of support is seen between 7,703 and 7,658.Recent changes in sentiment warn that the current France 40 price trend may soon reverse lower despite the fact traders remain net short.
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