Markets are back from the Easter holidays and it’s time to rumble. Or is it? The euro could get stuck ahead of the French elections.

Here is their view, courtesy of eFXnews:

CitiFX Research argues that as French elections are looming, investors may be reluctant to take positions.

“This is likely to see range trade in EUR in the days ahead, with some scope for downward drift,” Citi adds.

On the GBP front, Citi notes that the key data release will be the UK retail sales on Friday where weak BRC numbers set up for further moderation in consumption on the official release.

“GBP remains relatively sidelined in our view and we still rather sell rallies,” Citi argues.

EUR/USD is trading circa 1.0639 ,and GBP/USD is trading circa 1.2556 as of writing.