- The euro reverses against the US dollar and turns negative from three-month highs.
- EUR / USD is still heading for the best month since July.
The EUR/USD It turned lower during the US session amid a rally in the US dollar across the board and as stock prices on Wall Street hit new lows. The pair bottomed out at 1.1942. As of this writing, it is hovering around 1.1945, taking the worst loss in a week.
The DXY erased losses and rebounded from multi-year lows above 91.80, now positive for the day. On Wall Street, the Dow Jones falls more than 1% while the Nasdaq falls 0.55% after spending most of the time in positive territory.
Still, EUR / USD and equity prices are about to end November with sizable gains, supported by improving risk sentiment over COIVD-19 vaccine developments, the result of the US elections. And the latest round of economic data.
From a technical perspective, the EUR / USD is still bullish, but in the very short term it lost momentum. After approaching 1.2000, the euro turned lower, suggesting possible exhaustion to the upside. If it remains above 1.1900, the bullish bias will remain intact, while a drop below 1.1900 would increase the odds of a short-term spike.
Technical levels
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