The euro sold the fact on the victory of Emmanuel Macron. What’s next? Here are two opinions, putting the common currency against different counterparts. Here is their view, courtesy of eFXnews: EUR: 2 Challenges N-Term & A Period Of Choppy Trading: What’s The Trade? – SocGen Societe Generale FX Strategy Research’s first reaction following yesterday’s victory of Emmanuel Macron in the French Presidential election was that EUR would likely see a wave of profit-taking on long positions. Today, SocGen follows on the EUR reaction noticing that the single currency faces two short-term challenges. “The first is that the FX market has moved a good way further in recent days than the bond market, with the Treasury/Yield spread not very different from where it was when EUR/USSD was under 1.08. Bunds need to catch up with the currency. The second hurdle is positioning. CFTC data show the smallest speculative Euro short in 3 years. That’s still a short position, of course, so much more of a short-term hurdle than a reason for a deep correction to lighten positions. As such, SocGen expects a period of EUR choppy trading for now, but still expects EUR/USD to move higher in due course. Strategy-wise, SocGen still likes long EUR/JPY positions to EUR/USD and EUR/GBP at this stage. EUR/JPY is trading circa 123.80 as of writing. EUR: Stay Constructive M/T & Buy Dips: What’s The Trade? – Credit Agricole Credit Agricole FX Strategy Research notes that the EUR failed to hold on to its initial gains, regardless of Emmanuel Macro winning French elections by larger than anticipated margin. In that regard, CACIB argues that from the current levels it will depend on other factors such as further stabilizing ECB monetary policy expectations to drive the EUR. “As we take a more constructive medium-term stance on the ECB, we believe that dips in the Euro should be bought, for instance against the GBP. We see scope of diverging monetary policy expectations to the benefit of the cross,” CACIB argues. In line with this view, CACIB went long EUR/GBP* on Friday. EUR/GBP is trading circa 0.8441 as of writing. For lots more FX trades from major banks, sign up to eFXplus By signing up to eFXplus via the link above, you are directly supporting Forex Crunch. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Opinions share Read Next AUD/USD extends fall on weak retail sales Yohay Elam 6 years The euro sold the fact on the victory of Emmanuel Macron. What's next? Here are two opinions, putting the common currency against different counterparts. Here is their view, courtesy of eFXnews: EUR: 2 Challenges N-Term & A Period Of Choppy Trading: What's The Trade? - SocGen Societe Generale FX Strategy Research's first reaction following yesterday's victory of Emmanuel Macron in the French Presidential election was that EUR would likely see a wave of profit-taking on long positions. Today, SocGen follows on the EUR reaction noticing that the single currency faces two short-term challenges. "The first is that the FX market… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.