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.

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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