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EUR/USD: Entering Overbought Conditions

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  • EUR/USD  has dropped a tad below 1.1200 in the wake of the EU elections.
  • Mainstream parties lost ground, but the votes went to both centrist and populist parties alike.
  • The four-hour chart portrays a positive outlook for the currency pair.

Center-right and center-left parties have lost their majority in the EU elections, but the votes did not all go to populist parties as some had feared. Centrist liberal and green parties have gained ground as well, and the result is a fragmented EU Parliament. Far-right parties have won in France and Italy, but traditional mainstream parties dominated Germany and Spain.

The outcome has allowed the euro to hold its ground around 1.1200, awaiting further political reactions and the return of liquidity — both the US and the UK are on holiday today.

Among the main countries, political developments in Germany may …

Full story available on Benzinga.com

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