The EURUSD continues to rise, despite the release of stronger services ISM non-manufacturing data today. Employment numbers have increased, while new orders and prices paid have decreased. The ongoing election voting is still underway, with Georgia being one of the first states to close the polls, along with Indiana, Kentucky, South Carolina, Vermont, Virginia, North Carolina, Ohio, West Virginia, and more.
Technically, the price is approaching a cluster of resistance levels, including the 38.2% retracement of the move down from the end of September high, the 100-day moving average, and the 200-bar moving average on the 4-hour chart. If the price manages to break above this resistance area, traders may start looking towards the 50% midpoint and the swing area between 1.1001 and 1.10145.
However, if the price fails to break above the resistance cluster, sellers could take control and push the price back down. A break below the 200-day moving average would indicate a more bearish outlook for the EURUSD.
As the election results continue to unfold, traders will be closely monitoring the price action of the EURUSD to gauge market sentiment and potential trading opportunities. Stay tuned for further updates as the situation develops.
