EUR/USD Price Analysis: Portrays another pullback from 200-HMA amid mixed clues from US elections

EUR/USD takes a U-turn from the intraday high of 1.1739.
An eight-day-old falling trend line adds to the upside barriers.
Biden inches closer to the presidency, Trump blocks the way to White House via Pennsylvania.

Anil Panchal FXStreet

EUR/USD trims the early-Asian gains while recently declining to 1.1720 on Thursday. In doing so, the pair marks another pullback from 200-HMA, needless to mention its multiple failures in crossing a descending trend line from October 23.

Considering the absence of oversold RSI conditions, coupled with the pair’s inability to cross key upside barriers, sellers are likely to retake the controls while targeting the 1.1700 round-figure as immediate support.

During the EUR/USD bears’ dominance past-1.1700, Monday’s top near 1.1625 can offer intermediate moves ahead of highlighting the monthly low of 1.1602.

Other than the technical levels, uncertainty surrounding US presidential elections 2020 also weighs on the quote. Although the Democratic Party’s candidate Joe Biden is leading the race with the recent victory in Michigan, the current US President Donald Trump probes ballot-counting in the key state Pennsylvania to challenge his rival.

Meanwhile, the 1.1745 level comprising the state trend line resistance will challenge the quote’s rise past-200-HMA level of 1.1730.

Additionally, the weekly top near 1.1770 and the October 23 bottom near 1.1785/90 offer extra challenges to the EUR/USD bulls.

EUR/USD hourly chart

Trend: Pullback expected

Additional important levels

Overview
Today last price	1.1723
Today Daily Change	7 pips
Today Daily Change %	0.06%
Today daily open	1.1716

Trends
Daily SMA20	1.1759
Daily SMA50	1.1778
Daily SMA100	1.1667
Daily SMA200	1.1325

Levels
Previous Daily High	1.1771
Previous Daily Low	1.1603
Previous Weekly High	1.1862
Previous Weekly Low	1.164
Previous Monthly High	1.1881
Previous Monthly Low	1.164
Daily Fibonacci 38.2%	1.1707
Daily Fibonacci 61.8%	1.1667
Daily Pivot Point S1	1.1622
Daily Pivot Point S2	1.1528
Daily Pivot Point S3	1.1454
Daily Pivot Point R1	1.179
Daily Pivot Point R2	1.1864
Daily Pivot Point R3	1.1958

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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