EUR/USD rejected from 1.1430, erases daily gains

US Dollar recovers strength and erases losses, sending EUR/USD toward 1.1400.
Italy: according to reports, the government called for a confidence vote
US mid-term election underway results to start coming out during Wednesday’s Asian session.

Matías Salord FXStreet

The EUR/USD pair failed to hold to gains after hitting earlier today at 1.1437, the highest level since Friday. It retreated from the top and it was trading at 1.1410/15, flat for the day. The move off highs took place amid a recovery of the US dollar and also following reports that the Italian government called for a confidence vote.

In the US, the midterm election gathers all attention. The initial results are expected around 00:00 GMT on Wednesday. Most financial assets are moving in ranges, without clear directions. The greenback was falling but after the beginning of the US session recovered the lost ground supported by higher US yields. The DXY turned positive again, rising back above 96.30.

EUR/USD Levels to watch

To the upside, the immediate resistance is seen around 1.1430, a consolidation on top would add momentum to the euro, signaling a potential test of 1.1450/55 (last week high). On the flip side, support could be seen at 1.1409 (20-hour moving average), followed by 1.1390 (Nov 6 low) and 1.1365.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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