The pound shrugs off previous weakness and jumps to session highs near 1.1600. (Pivot Orderbook analysis)

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]

• The pound shrugs off previous weakness and jumps to session highs near 1.1600.
• US dollar dives, stock markets advance as the Americans go to the polls.
• Investors welcome the first surveys hinting at a Republican victory.

The pair currently trades last at 1.1593.

The previous day high was 1.1542 while the previous day low was 1.1291. The daily 38.2% Fib levels comes at 1.1446, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1387, expected to provide support.

The pound rushed higher during Tuesday’s US session, bouncing off the 1.1470 area to erase daily losses and session highs right below 1.1600 as the Americans head to the polls.

The greenback has dropped across the board in the US trading session, with US Treasury bond yields losing ground and Wall Street posting gains, with all eyes on the outcome of the US mid-term elections.

A hitherto rangebound market has led to a significative US dollar pullback as the first surveys started hinting at a Republican victory. This scenario might create a gridlock in the US Congress that would be welcomed by the market as it will hinder the approval of new regulations.

US stock indexes have extended gains after a mixed market opening. The Dow Jones advances 1.6%, while the S&P500 and the Nasdaq Indexes are 1.5% and 1.2% up respectively at the time of writing.

The US Dollar Index, which measures the value of the USD against a basket of the most traded currencies has turned negative on the daily chart, dropping from the 110.30/40 area to six-week lows at the lower range of the 109s.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.1593 at the time of writing. Pair opened at 1.1511 and is trading with a change of 0.71 % .

The pair is trading above its 20 Daily moving average @ 1.1347, above its 50 Daily moving average @ 1.1335 , below its 100 Daily moving average @ 1.1687 and below its 200 Daily moving average @ 1.2305

The previous day high was 1.1542 while the previous day low was 1.1291. The daily 38.2% Fib levels comes at 1.1446, expected to provide support. Similarly, the daily 61.8% fib level is at 1.1387, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 1.1354, 1.1197, 1.1103
• Pivot resistance is noted at 1.1605, 1.1699, 1.1856

[/s2If]
Join Our Telegram Group