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The market is going through difficult times. The quotes for both the euro/dollar and the pound/dollar are experiencing sharp changes almost daily, which is due to the US presidential elections.
The market is affected by the strongest information background associated with the presidential elections in the form of local speculations, depending on the upcoming information.
The elections took place on November 3, but the ballots are still counted. Now, the market's reaction depending on the vote count looks like this:
If Mr. Biden leads, the price of the US dollar will decline. On the contrary, the same currency will rise if Mr. Trump leads.
Speculative surges in the above plan will be relevant in the market until the votes are counted.
For technical analysis, we will analyze each trading instrument and set a forecast.
The EUR/USD pair showed high activity yesterday, with the goal of an upward trend. As a result, it managed to reach the resistance level of 1.1860, where a stop occurred, followed by the formation of the range of 1.1795/1.1860.
We can assume that price fluctuations in the given range of 1.1795/1.1860 will not last long and there will be another impulse soon that will lead to a breakdown of a particular border.
Trading tactics are based on the method of breaking through the specified boundaries.
- Buying a pair is recommended at a price above the level of 1.1865, with the prospect of moving to 1.1880-1.1900.
- Selling a pair is recommended at a price below the level of 1.1790, with the prospect of moving to 1.1760-1.1700.
As for the GBP/USD pair, there is an upward movement, which allowed us to reach the resistance area of 1.3150/1.3175, followed by a pullback and stagnation in the range of 1.3110/1.3155.
We can assume that this stagnation for this pair, as well as for the euro/dollar, is considered a local phenomenon and will soon be broken by the price due to high speculation in the market. In this case, the most optimal tactic is the method of breaking through the established boundaries.
- Buying a pair is recommended at a price above the level of 1.3155, with the prospect of moving to 1.3175. If the price consolidates above 1.3175, it can continue further to the level of 1.3250.
- Selling a pair is recommended at a price below the level of 1.3100, with the prospect of moving to 1.3075-1.3000.
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