EUR/USD broke it’s 2 week loosing streak & rallied this morning with the change in market sentiment ahead of the US elections.
Stocks are rallying & the Dollar is pressured as Biden looks to be the front runner to be elected as the new President.
Price broke the 1 week descending trendline & now trading on resistance at 1.1705.
Bulls look to target resistance level 2 at 1.1758 which will coincide with a breach of the ascending trendline & 50/200 SMA.
If we see the election being contested we could see sentiment change & price fall back towards support at 1.1610.
Markets will continue to be volatile make sure to minimise risk.
Support: 1.1610 - 1.1568
Resistance: 1.1705 - 1.1758
Stocks are rallying & the Dollar is pressured as Biden looks to be the front runner to be elected as the new President.
Price broke the 1 week descending trendline & now trading on resistance at 1.1705.
Bulls look to target resistance level 2 at 1.1758 which will coincide with a breach of the ascending trendline & 50/200 SMA.
If we see the election being contested we could see sentiment change & price fall back towards support at 1.1610.
Markets will continue to be volatile make sure to minimise risk.
Support: 1.1610 - 1.1568
Resistance: 1.1705 - 1.1758