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France Adds Fuel to the Euro Selloff — 1.1121 in Sight

VG Markets · 2026-11-09T08:08:41Z
France Adds Fuel to the Euro Selloff — 1.1121 in Sight

EUR/USD is struggling to regain momentum as political uncertainty in France adds another headache for the euro.

Convera analysts warn that France’s fiscal challenges could weigh on the single currency, while ECB President Christine Lagarde’s planned early departure adds uncertainty over the bank’s future leadership.


The dollar is also gaining support. Strong US jobs data has pushed expectations of a December Fed rate hike higher, with markets now pricing in an 81% probability.

EUR/USD: 1.1169 Is the Key Battle


The technical outlook remains bearish. EUR/USD is trading near 1.1160, with the 1.1169 pivot acting as the key resistance.


Key Levels

Price

Resistance 2

1.1202

Resistance 1

1.1190

Pivot Point

1.1169

Current Price

1.1160

Target 1

1.1121

Target 2

1.1108

Extended Support

1.1096


Trading outlook:


  1. Below 1.1169: Downside remains favored, targeting 1.1121 and 1.1108.
  2. Above 1.1169: A recovery could extend toward 1.1190 and 1.1202.


The RSI remains below 50, while MACD is still negative despite moving above its signal line. Price is also close to its pivot, making this a critical point for the next move.


For now, 1.1169 is the level to watch. A rejection could send EUR/USD toward 1.1121, while a clear break higher would challenge the bearish outlook.