EUR/USD reclaims 1.05 on German election relief

As you know the EUR/USD had a good look above 1.05 last week, but failed to make any progress above the previous 2025 high, at 1.0533. Even the pretty dire US PMI data on Friday did not deliver a rebound back above that level. Of course that was all about the looming German election and it surely would have been a different story, were it not for massive uncertainty over the outcome of that. So, the EUR/USD stalled at 1.0493 on Friday, right after that US PMI release and later fell back to 1.0449, prior to setting a weekly close at 1.0458. Overnight the price action has all been about that German election result and that has helped the EUR/USD to spring back above that 1.0500 handle. The high seen has been set at 1.0528, but as you can see it is yet to reach or surpass that prior 1.0533 high. That is very much a level still on the radar this morning though. The prior Asian low was set at 1.0462. The EUR/USD is right now at 1.0507