In Puzzle Election Results, EUR / USD Soaps Another 150 Pips!

 The market remains vigilant while there is still no victory for the new US Presidential post even though victory seems to be almost in favor of Joe Biden.


The pressure was also felt by Donald Trump until he claimed that there was a lack of transparency in the counting process after he had previously been so confident of winning the election even though the voting was not over yet.


It can be seen that US dollar trading is showing weak performance again with the resurgence of the US stock market.


The FOMC meeting earlier this morning also with the result was seen as a dovish tone of the Federal Reserve (Fed) after interest rates were maintained with the purchase of bonds continued to inject economic stimulus affected by the pandemic.


After the analysis shared yesterday, the price on the EUR / USD currency pair chart is seen continuing to rise until it passes the SBR zone (support become resistance) 1.18000 but fails to reach the height of the resistance zone 1.19000.


The high level reached around 1.18600 with daily rise recorded around 150 pips after jumping from the support level of 1.17200.


Continuing trading in today's Asian session (Friday), the price returned to test the previous 1.18000 focus zone which acted as price support.


A higher rise is expected to continue the price towards the 1.19000 resistance zone before closing the trading curtain this week.


A successful rise above the 1.19000 level will record the latest 8-week high on the EUR / USD chart.



On the other hand, if the price fails to maintain the bullish momentum before making a decline, the price focus levels are at the support levels of 1.17200 and 1.16800.


A lower downtrend could reach back up to the 1.16000 support zone.


Investors will be more cautious about trading in the New York session ahead of the release of the US NFP employment data report for October which will also affect US dollar trading.