Euro Firms As Exit Polls Show Macron Leading Le Pen Ahead Of Runoff Vote

The early relief rally in EUR is now fading a bit, even as the Eurozone's single currency holds firm after the release of exit polls from the first round of French presidential election.

• Initial estimates put Emmanuel Macron at a wider than expected lead over his far-right rival Marine Le Pen and confirmed that he remains the front-runner (albeit by a thin margin) ahead of the Apr 24 runoff vote.
• The final stretch of the campaign saw Le Pen close the gap on Macron, which sent 10-Year OAT yield to a seven-year high last week, with EUR/USD lodging a one-month low on Friday.
• EUR/USD last seen at $1.0911, up 35 pips on the day, after running as high as to $1.0954. The next key resistance has been defined at $1.1185, which capped gains on Mar 31. Bearish focus falls on Mar 7 low & bear trigger at $1.0806.
• EUR/GBP sits at GBP0.8368, 20 pips higher on the day, after topping out at GBP0.8405. On the topside, focus falls on Mar 31 high of GBP0.8512. Bears would be pleased by a retreat under key support from Mar 23 low of GBP0.8296.
• EUR/JPY last seen +27 pips at Y135.57, with bulls keeping an eye on Mar 28 high of Y137.53. Bears need a retreat past Apr 5 low of Y134.30 to regain poise.