EUR/USD rises back to 1.1430 as Congress is likely heading for a split

Polling website FiveThirtyEight is reporting that the Congress is heading for a split as expected.
That outcome is seen leading to policy paralysis and political turmoil in Washington.
The EUR/USD has risen back to 1.1430.

Omkar Godbole FXStreet Contributor

The EUR/USD has bounced off the 200-hour exponential moving average (EMA) of 1.14 and is currently trading at 1.1438.

The dollar is being offered again as Congress is likely heading for a split. The likelihood of the Democrats winning the House has jumped back to 70 percent, according to polling website FiveThirtyEight. Meanwhile, the Republicans are likely to retain the Senate.

A Democratic-controlled House paired with a Republican-controlled Senate would mean President Donald Trump and the GOP would have a hard time enacting any major new legislation.

Further, it is feared that the Democrats would use the House majority to pursue investigations into Trump's Russian ties and financial affairs. No wonder, the greenback is losing altitude.

The EUR/USD is breaking out of a falling wedge, indicating a bearish-to-bullish trend change.

EUR/USD Technical Levels

EUR/USD

Overview:
    Last Price: 1.1439
    Daily change: 21 pips
    Daily change: 0.184%
    Daily Open: 1.1418
Trends:
    Daily SMA20: 1.1453
    Daily SMA50: 1.1557
    Daily SMA100: 1.1586
    Daily SMA200: 1.1857
Levels:
    Daily High: 1.1438
    Daily Low: 1.1392
    Weekly High: 1.1456
    Weekly Low: 1.1302
    Monthly High: 1.1625
    Monthly Low: 1.1302
    Daily Fibonacci 38.2%: 1.142
    Daily Fibonacci 61.8%: 1.1409
    Daily Pivot Point S1: 1.1394
    Daily Pivot Point S2: 1.1369
    Daily Pivot Point S3: 1.1347
    Daily Pivot Point R1: 1.144
    Daily Pivot Point R2: 1.1462
    Daily Pivot Point R3: 1.1487

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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