currency is trading sharply higher against the US dollar
in early Wednesday trade, following the results of the US mid-term elections. The EURUSD
pair is strongly bullish
while trading above the 1.1431 level, with traders now watching the inverted head and shoulders
pattern across the four-hour time frame. Despite the bullish
break higher, the EURUSD
pair still faces key risk-events from EU Retail Sales and the FOMC policy meeting later this week.
pair is bullish
while trading above the 1.1431 level, key support is found at the 1.1410 and 1.1387 levels.
If the EURUSD
pair moves above the 1.1470 level, buyers are likely to test towards the 1.1500 and 1.1553 resistance levels.