EURUSD was trading above 1.1900 on Monday as the pair tries to get back to the 2020 highs at 1.2000. This afternoon’s U.S. PMIs could stop that move in its tracks.
The Markit Manufacturing PMI is expected to come in with a reading of 53.0 versus last month’s 53.4 but a better-than-expected figure could give the greenback a much-needed boost. Traders ignored the stronger PMI numbers from the U.K. earlier today, but this will be due to expectations for a further slowdown from the ongoing lockdowns in Britain.
The U.S. election is still not clarified officially and this will be a support for the Euro with the Trump legal team now looking at a Supreme Court visit for its challenge. The market has priced in a Biden win and any threat to that would bring further volatility in the EURUSD.
EURUSD Technical Outlook
EURUSD is testing the 1.1900 resistance level on Monday after grinding higher from November 11th. If the pair can find support above here then the 1.2000 level should be harder. Traders may want to await the action there because of the limited upside. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.
EURUSD Daily Chart
