EUR/USD consolidates around 1.0890 in Tuesday’s European session.
EUR/USD wobbles near 1.0900 ahead of the US presidential election, which will influence market sentiment. Investors expect a neck-to-neck competition between Kamala Harris and Donald Trump. The ECB is expected to cut interest rates by 25 bps in the December meeting. The major currency pair remains shy of the key resistance of 1.0900 on the United States presidential election day. The US Dollar Index , which tracks the Greenback’s value against six major currencies, trades steadily near 103.
0900, which also aligns with the 200-day Exponential Moving Average . The pair rebounded sharply towards the end of October after gaining a firm footing near an upward-sloping trendline around 1.0750, which is plotted from the April 16 low at around 1.0600 The 14-day Relative Strength Index climbs to near 50.00, suggesting some signs of a bullish reversal. However, this will only be confirmed if the RSI climbs above 60.0 decisively.
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