In a recent analysis, a forex trading analyst, Aayush Jindal said that by looking at the 4-hour chart, the pair followed a bearish pattern from well above 1.1850. It broke a crucial contracting triangle with support near 1.1785 to start the current decline.
The pair settled well below the 1.1750 support level, the 100 simple moving average (red, 4-hour), and the 200 simple moving average (green, 4-hour). The decline was such that the pair even broke the 1.1700 support level.
What's Next?
The EUR/USD pair tested the 1.1640 level and if there is an upside correction, the analyst pointed out that the 1.1680 and 1.1700 levels are likely to prevent gains. The next major resistance is near the 1.1750 level or the 100 simple moving average (red, 4-hours). Conversely, the pair could continue to move down below 1.1640 and 1.1625. The next major support is near the 1.1600 level.
At the same time, another analyst, Yohay Elam mentioned in his analysis report that EUR/USD may ride on a blue wave and surge. However, Biden's victory with a Republican-controlled Senate could trigger a moderate downfall.
On that note, he also believes that the Euro/dollar has room to rise if Trump is re-elected.
Read more from the original analysis: https://www.fxstreet.com/analy...
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