EUR: French elections likely to cap EUR/USD upside around 1.07 level Naturally one would have expected EUR/USD to have rallied substantially in the face of President Trump’s $ jawboning and rising geopolitical tensions. But gains have been harder to come by recently, with the pair struggling to push above the 1.0670/80 area. It is likely that EZ political risks are playing a role, with investors wary of chasing EUR upside in the run-up to the French presidential elections. A EUR/USD move above 1.0700 looks unlikely and could be met with spec sellers.