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10:25 GMT (Global-View.com) May 7 -
Jay Meisler's Daily Forex Weathermap - EURUSD (current rate 1.3031)
I wrote this in Friday's Weathermap and the market unfolded as expected with a gap lower on the opening but has since done some backing and filling on election results that were not a surprise:
In any case, the upside should be limited ahead of the weekend elections in Greece and France + state election in Germany. Risk is for a Monday gap (down) on the results depending on how EURUSD closes the week and how much is already discounted....
This has the focus on whether the gap to 1.3080 can be filled but would have to get back above 1.3050 to expose this level. In any case, watch 1.30 as it will set the bias not only intra-day but going forwards as well. Otherwise, there has been technical damage but would need a close below 1.2973 to suggest the range since late January has been broken.
See more on the GVI Fprex Forum
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