The EUR / USD has risen above 1.1800, reaching the highest level in more than a week as markets celebrate the prospects for a decisive outcome in the US election. Democratic candidate Joe Biden is leading the outcome against Donald Trump, though Congress is likely to remain divided.
Watch 2020 Election: Markets Celebrate Prospects for a Delayed Biden Win, Not a Contested Election
Four states are in the spotlight: Nevada, Arizona, Georgia and Pennsylvania, and possibly the result of the first three will be known this Thursday. The safe-haven dollar is under immense pressure and stocks are also rising
The euro advances despite the increase in COVID-19 cases in the old continent and the reduction of the economic forecasts of the EU Commission.
The euro / dollar has advanced above the 50, 100 and 200 simple moving averages on the four-hour chart, and momentum remains to the upside. The Relative Strength Index is below 70 thus outside of overbought conditions. With the EUR / USD reaching the 9-day ceiling near 1.1810 Today, the next resistance level to watch is 1.1840. Support awaits at 1.1790.
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