EUR/USD today: the market took into account the U.S. midterm elections results

The EUR/USD pair has been trading with a strengthening on the overall decline in the US dollar since the beginning of the day.  The preliminary data that the Democrats will get a majority in the House of Representatives, when the Senate remains for the Republicans was the reason for the sale of the American dollar. As a result, this pair has received significant support and has updated a maximum of 1.1500.

The focus of the market remains on the official results of the mid-term elections, the publication of which may further increase market volatility, as it was at the start of the day. Also the tomorrow’s publication of the US Federal Reserve’s protocol is noteworthy, which is expected to preserve hawkish tone and hints of a December-January rates increase  in the United States.

The EUR/USD pair has technically felt significant resistance at 1.1500, from which we can expect a low-key correction. The likely increase in volatility caused by the publication of election results may trigger a test of resistance levels: 1.1520 and 1.1550. Support is located at levels: 1.1450 and 1.1430-20, which will limit the correction.

Read also: “Eurozone and the state of its economy based on key economic indicators”

Hanzenko Anton

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