- The dollar accelerates the decline on all fronts.
- Elections: Biden very close to securing 270 voters.
- EUR / USD targets October highs, up more than 200 pips in three days.
The EUR / USD accelerated the bullish run and broke above 1.1815 adding another leg to Thursday’s rally. The quote reached up to 1.1847, the highest level since October 26. The pair remains in the zone of the maximums with the bullish tone intact before a strong fall of the dollar.
The US Dollar Index (DXY) is trading just above 92.50, at a nearly two-week low. The greenback falls on other fronts while the bags rise.
This occurs in the prior publication of US economic data (unemployment benefits) and before the decision of the Federal Reserve. Although the spotlight is on the counting of votes in the US presidential election, Democratic candidate Joe Biden is one step away from winning the presidency, but there are still votes to be counted.
Technical overview
EUR / USD is trading on a clear upward bias, although approaching the 1.1870 / 80 zone, where are the October highs and that could generate a pause. In case of exceeding this level, a test at 1.1900 would be expected.
In the opposite direction, the 1.1765 area is the first consideration support and also the 20-day moving average. A drop below this would ratify the current medium-term lateral bias.
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Credits: Forex Street
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