EUR/USD benefited from a broad-market decline in the US Dollar as global markets brace for early polling outcomes from the US presidential election that kicked off on Tuesday.
EUR/USD climbed on Tuesday, netting a half-percent gain and touching a three-week high. Fiber pushed back above the 200-day EMA, but plenty of technical issues remain. Looming Fed rate cut to give investors plenty to chew on following US presidential election. Fiber jumped two-thirds of one percent to claw back above the 1.0900 handle as investors hope for a market-positive outcome as the US election cycle gets set to pick the next US President for the next four years.
In the immediate term, sustained buying pressure could propel EUR/USD toward the 1.1000 psychological resistance, with further gains likely if buyers manage to clear the 50-day EMA. On the downside, any loss of the 1.0900 level could see the pair revisiting 1.0850 and, potentially, the October lows near 1.0700. Overall, while the pair’s technicals indicate a cautiously bullish outlook, EUR/USD remains vulnerable to reversal if it fails to break above the moving averages decisively.
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