Certainly investors will be presented with volatile movements driven by US Presidential election sentiments while the thrill awaits either Donald Trump or Joe Biden who will take over as President for the latest term.
Since yesterday, price movements in the market have shown an abnormal pattern with a significant depreciation of the US dollar starting in the European session yesterday likely the actions of investors who took advantage of previous trading positions.
On the price chart for the EUR / USD pair, the price hovering in the support zone of 1.16200 earlier in the week soared with a daily rise above 100 pips yesterday to the high of 1.17400 before closing lower again around 1.17000.
Continuing trading in the Asian session this morning saw the price soar above yesterday's high to reach the level of 1.17700 before the price plunged again.
With price movements influenced by the results during the draw, the price is seen to have plunged 140 pips back to the support zone earlier in the week.
As of 10.30am local time, votes were seen in favor of Trump with a slim lead while the counting of votes was still ongoing.
Price movements are expected to be volatile until the polls end and investors need to be wary of drastic movements with abnormal price fluctuations as usual.
If the price falls below the support zone of 1.16000, the next focus level is seen to be heading to the level of 1.15000.
Meanwhile, if the price soars again, the SBR (support become resistance) zone at 1.18000 will return to the focus of the price to be tested again.
Stay abreast of election polls and carefully control trading risk.
