EUR/USD rises back towards 1.1050, US elections key

The bulls once again found some support near 1.1030 region, witnessing a tepid recovery in EUR/USD back towards the mid-point of 1.10 handle.

EUR/USD eyes on US election                                                                          

Currently, EUR/USD trades modestly flat at 1.1044, moving-off session lows struck at 1.1030. The bears take a breather from yesterday’s sell-off, and prompt a brief phase of downside consolidation in the EUR/USD pair, as the US dollar awaits fresh impetus from the upcoming US election due later in the American session.

In the meantime, the immediate focus shifts towards the German industrial production and trade data due ahead of the European open., while the US JOLTS job openings data will be also eyed. However, the main risk event for today remains the US presidential election.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.1084/1.1100 (5-DMA/ round figure). A break beyond the last, doors will open for a test of 1.1130 (100-DMA) and from there to 1.1195 (200-DMA). On the flip side, the immediate support is placed at 1.1000 (psychological levels) below which 1.0982 (Oct 13 low) and 1.0956 (Nov 1 low) could be tested.

To learn more about this topic, check our video analysis