DAILY NOTION - FXSTREET - EUR/USD Forecast - Nov 5, 2020
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.
What's Next?
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 the U.S. 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.
Edited 05 Nov 2020, 10:17
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