As expected, the Georgia election sided with the Democrats when victory was recorded for both the contested seats, further opening the way for the implementation of a larger stimulus package.
The US dollar rose slightly on Wednesday after falling to a 3-year low following a Democratic victory that would support future President Joe Biden in the Senate.
There was bad news that tarnished the election event when it was reported that Donald Trump supporters rioted and attacked the Capitol building until Congress activities had to be temporarily postponed.
The tense situation was seen as a factor in strengthening the US dollar in the New York session yesterday before moving backwards towards the Asian session today.
On the EUR / USD pair price chart yesterday, the price has jumped 70 pips to the latest high of 1.23500 as the Democrats' optimistic market will win the Georgia election.
However, the New York session showed a reversal of prices during the strengthening of the US dollar, reaching a daily low of around 1.22700.
However, the price reversed moving above the Moving Average 50 (MA50) support level over the 1-hour time frame which still gives a bullish signal.
The minutes of the FOMC meeting earlier this morning also did not have a significant impact on the US dollar. But clues from the minutes still signal future policy easing that will continue to weaken the US dollar.
The price hike past the 1.23000 level and continues in today's Asian session. But price movements are slow and show a slight decline.
The RBS zone (resistance become support) at 1.23000 will be the price support level before the rise resumes.
The successful increase will surpass the height level reached on Wednesday before recording the latest highest level since April 2018.
However, if the price continues to fall below the level of 1.23000, the price will test the RBS zone 1.22500.
