EURUSD rises on the expectation of Biden’s victory.
EURUSD under strong bullish pressure today as the result of the powerful bearish U.S. dollar sentiment seen across the FX markets today.
The U.S. bearishness is the result of the strong safe-haven outflows from the US dollar as the markets are pricing in a victory for U.S. Democratic candidate Joe Biden against President Donald Trump despite the possibility post-election disputes could lead to weeks of dollar volatility. The dollar is sold broadly as Biden’s win will likely weaken the dollar further as he is expected to spend more on stimulus and to take a more democratic approach to trade relations – lowering the possibility of farther trade wars with China.
Expect buyers on downward corrections
Next resistance to watch – 1.1800
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