EURUSD lost its shine after Trump became the 47th president of the US. It hits a low of 1.06823 and is currently trading around 1.06967.
Donald Trump has officially claimed victory in the 2024 U.S. presidential election, setting himself up for a historic return to the White House. Here are the key details about this development:
Election Results
- Electoral Votes: Trump has secured 267 electoral votes, while Kamala Harris has 214. The race is still close, especially in battleground states where results are being finalized.
Key States Won by Trump: He has won important states including:
- Indiana
- Kentucky
- Florida
- Pennsylvania
- Georgia
States Won by Harris: Kamala Harris has won in states such as:
- California
- Colorado
- Vermont
Market Focus
Investors are paying attention to upcoming Fed monetary policy, for further market movements.
Technical Analysis Overview
The pair remained below both short-term (34 and 55-4H EMA) and long-term (200-4H MA) moving averages.
Resistance Levels: Near-term resistance is at 1.07600. A breakout above this could push the pair towards targets at 1.0800/1.08750/1.09200/1.1000, and possibly 1.1070. Major bullish momentum is expected only if prices surpass 1.1150, which would open the door to 1.11780 and 1.12150.
Support Levels: Immediate support is at 1.0660. A drop below this could lead to further declines to 1.0600 and even 1.0500.
Indicator Insights (4-Hour Chart): The Commodity Channel Index (CCI) and the Average Directional Movement Index (ADX) indicate a bearish trend.
Trading Strategy
Given the bearish sentiment in technical indicators, a sensible strategy would be to sell on rallies around the 1.0760 mark, with a stop-loss at 1.0800 and a target price of 1.0600 for potential gains.
