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Nov 05 - 03:55 PM

EUR/USD - Takes Swipe At October High, But Pre-Vote Shorts Now Squared

By Randolph Donney  —  Nov 05 - 02:10 PM
  • EUR/USD 2% two-day post-election surge unwinds pre-vote selling

  • The 1.1860 EBS high just shy of October's 1.18805 pre-vote dive peak

  • Overbought hourly RSIs trimmed with a dip to 1.1791

  • Some angst for bulls as S&Ps near their Oct and Sep peaks post-vote

  • Hope divided D.C. means less tax hike, regulatory and trade risk

  • But possibly less pandemic relief amid pandemic's 2nd wave a factor

  • EUR/USD may need S&P to breakout to clear 1.1880 nL1N2HR1U3

  • As expected, Fed holds possible policy changes til December nL1N2HQ23I

  • Focus now on NFP Friday and final vote counts

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Source:
Refinitiv IFR Research/Market Commentary

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