Two hours after voting has closed and the projections first leaked by the Belgian press and then by exit polls looks real. The run-off on May 7th will see centrist Emmanuel Macron vs. extreme-right Marine Le Pen.
EUR/USD was shooting higher in very early trading above 1.09. Now we already have more trading desks open, and the pair continues looking strong. IT is holding above 1.0910, a new 2017 high.
French election results coming in
Half of the vote has been counted. It puts Le Pen at 24.1%, Macron at 22.4% and Fillon behind.
Exit polls showed Macron on top with 23.7%, with Le Pen behind with 21.7%. The first real results were more favorable to Le Pen, which had over 25% at one point in the count. However, the first flow of counts came from rural areas. As polls closed later at urban centers, votes are counted later and they showed a narrower lead for Macron.
In any case, both leaders leave the others behind. Fillon received 19.7% at the exit polls and a similar read in real results. Even more importantly, Fillon already conceded his defeat. Fillon followed Socialist candidate Hamon which was quick to accept defeat with only 6% at the exit polls.
EUR/USD shooting higher
Euro/dollar closed at 1.0724 on Friday and the pair has already hit a 5-month high at 1.0931 in the earlier trading. At these levels, the pair surpassed the 2017 high of 1.0905 seen a few week ago.
Further resistance awaits at 1.10, followed by 1.12. A further advance cannot be ruled out once Tokyo joins in, and when Europe begins trading.
Support awaits at 1.0870, 1.0830, 1.0775 and 1.0720.
The pair has seen a series of higher lows since the beginning of the year. It is trading in an upwards channel:
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