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Nov 06 - 08:55 AM

EUR/USD - Destined To Return To This Year's Low

By Jeremy Boulton  —  Nov 06 - 06:45 AM
  • EUR/USD plummets 1.0937 to 1.0702 EBS after Trump wins election nL1N3MD0K2

  • Drop has exceeded limit for a correction of this year's rise

  • Fall below 1.0732 which is 78.6% 2023 rise targets return to 1.0601

  • Caution warranted as drop stretched below 1.0738 base 20-day Bollingers

  • Profit taking by those who sold ahead the event should underpin EUR/USD

  • June low at 1.0666 is next notable downside level

  • FX traders must consider consequences of a trade war nL1N3MD0PU

Source:
Refinitiv IFR Research/Market Commentary

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