EUR/USD opened with a large bullish gap but erased its gains during the Asian trading hours. Economists at ING expect the pair to move downward to the 1.08 level by the end of the week.

Macron versus Le Pen run-off should keep EUR subdued

“Macron and Le Pen increased their vote shares and look set for a relatively tight run-off vote on April 24th. As such, it is too early for the market to relax over this event risk and no surprise that EUR/USD did not hold gains in early Asia.”

“Our base case assumes EUR/USD ends the week near 1.0800. For the time being, expect EUR/USD to trace out a 1.0850-1.0950 range.”