EUR/USD hits 1.12 after clear-cut UK exit polls, higher levels to watch

Yohay Elam FXStreet

EUR/USD is trading at 1.12, breaking above the double-top of 1.1180 which held it down in October and up 0.60% on the day. Euro/dollar is being carried higher by the exit polls from the UK elections, which show a landslide majority for Boris Johnson's Conservatives. The 110-seat majority may be hard to counter by real results.

A smooth Brexit that Johnson may advance provides some certainty for the euro-zone.

EUR/UDS is now eyeing 1.1230, which capped the currency pair in late August. Close by, 1.1250 was another peak in the summer. Further above,1.1285 held it down twice in July. It is followed by 1.1320, which dates back to June, and then 1.1390.

Looking down, 1.1160 was a resistance line in recent days and now turns into support. It is followed by 1.1130, a support line from October. Next, we find 1.11, which held EUR/USD down in November. It is followed by 1.1065, 1.1030, and 1.0980.

EUR USD Technical Analysis post UK exit polls

Earlier, the US and China reportedly reached an accord that would prevent new tariffs. Further details are awaited. Christine Lagarde, President of the European Central Bank, left interest rates unchanged in her first decision and sounded cautiously optimistic.

Follow all the updates in the UK Elections live coverage

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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