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EURUSD overview 05.11.2020

EURUSD jumps ahead of Fed meeting and on expectations of Joe Biden’s victory.

EURUSD is the strongest rising pair today under the effect of the immense bearish USD sentiment developing as more traders are expecting the eventual win of Joe Biden in the USA elections. A part of the dollars selling is also due to the unwinding of the previously taken safe-haven dollar longs amid reports Democrat Joe Biden is moving closer to victory in the U.S. presidential race (this is also not slowed down by the potential legal battles with Trump over the election results – highlighting the strength of the dollar out-flows). The dollar sentiment is also undermined ahead of Feds meeting – since there is a chance it may strengthen forward guidance around potential quantitative easing and that would be dollar negative as there will be less stimulus for the U.S. economy.

Expect buyers on downward corrections

Next resistance to watch – 1.1883

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