EUR/USD Technical Analysis: Breaking out of a falling wedge as US midterm election results start flowing in

The EUR/USD pair is currently trading at a session high of 1.1465 and is witnessing a falling wedge breakout - bearish-to-bullish trend change - on the daily chart.
The bullish pattern is backed by a positive cross between the 5-day and 10-day simple moving averages (SMAs), ascending (bullish) 50-, 100-, and 200-hour SMAs, and higher lows pattern on the hourly and 4-hour chart.
The indicators are also biased toward the bulls. For instance, the MACD is rising on the 4-hour chart and the RSI is printing bullish levels above 60.00.
The currency pair looks set to test the psychological level of 1.15.
The greenback is being offered across the board in Asia. As per the latest reports, Democrats Stephanie Murphy has won re-election to the US House in Florida's 7th Congressional District. It is worth noting that a Democrat majority in both Chambers is seen as a USD-negative outcome.

Omkar Godbole FXStreet Contributor

Daily Chart

Hourly Chart

Trend: Bullish

EUR/USD

Overview:
    Last Price: 1.1465
    Daily change: 47 pips
    Daily change: 0.412%
    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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