EUR/USD comes under pressure near 1.1400, US elections on sight
|- The pair fades the earlier spike to 1.1420, back to 1.1400.
- The greenback looks to regain pace around the 96.40 zone.
- All eyes on the US mid-terms elections as polls start to open.
The selling pressure around the European currency appears to have returned and is now forcing EUR/USD to drop to daily lows in the 1.1390 area.
EUR/USD focused to US elections
Spot is extending the sideline theme in the 1.1400 neighbourhood so far on Tuesday amidst a generalized cautiousness in the global markets over the results of the US mid-terms elections.
In the meantime, gains in spot appear capped in the mid-1.1400s so far, where converge the 21-day SMA and last week’s highs, whereas strong support emerges in the 1.1300 neighbourhood, home of recent lows and the YTD low.
In the data wise, German and EMU Services PMIs came in above expectations for the month of October, while Producer Prices in the euro bloc surprised to the upside, rising 0.5% inter-month in September and 4.5% on a year earlier.
In the US, second-tier releases include the IBD-TIPP index and JOLTs Job Openings.
EUR/USD levels to watch
At the moment, the pair is flat at 1.1408 and a break below 1.1372 (low Nov.2) would target 1.1334 (low Oct.26) en route to 1.1316 (200-week SMA). On the flip side, the next hurdle emerges at 1.1458 (high Nov.2) seconded by 1.1508 (low May 29) and finally 1.1550 (high Oct.22).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.