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The EUR/USD pair found a pivot point yesterday within the local low (1.1612) from September 25, where the quote immediately stopped and formed a variable stagnation within the area of 1.1622/1.1660.
What we have right now in the market is a natural basis with a strong uncertainty.
This judgement is according to several factors. Let's consider them:
From the point of view of technical analysis, there is a reduction in trading volumes, where the local low (1.1612) on September 25, acted as a support, which led to a rebound and successive slowdown.
Meanwhile, in terms of fundamental analysis, the upcoming US presidential elections play an important role, where investors are taking a wait-and-see position due to a strong uncertainty in the election results.
Regarding the quote's current location, the stagnation process within the variable borders of 1.1622/1.1660 can be observed, where a slight deviation of 10-15 points is allowed, but the quote will most likely remain stagnant.
We can assume that the main lever for action will be the information background associated with the voting process in the United States, where the results will be known by the end of the trading day. After that, we can expect sharp price changes.
At the same time, speculative fluctuations are not excluded, where technical analysis, despite variable stagnation 1.1622/1.16560 (+/- 15 p.) can act as local operations and work on the principle of breaking a particular border.
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