EURUSD Timidly Higher as EU Approves UK’s Extension Request

EURUSD is trading positively on a day after the EU decided to approve UK’s request to delay Brexit from October 31st until January 31st. The price action currently trades below two intraday supports located just below the $1.1100 handle.

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“The EU27 has agreed that it will accept the UK’s request for a #Brexit extension until 31 January 2020. The decision is expected to be formalized through a written procedure,” Donald Tusk, the President of the European Council, wrote on Twitter.

The spotlight will now move towards the island once again as Boris Johnson pushes to get the support of the Labour party to go to elections on December 12. According to rules and procedures, a two-thirds majority is needed to go to early elections.

Similar to the pound, EURUSD has been moving modestly higher today. On Friday, the price action broke below the intraday support, in the context of the ascending trend line that supports October’s higher lows. The price action is currently retesting the underside of the trend line as well as the horizontal resistance just below the $1.1100 mark.

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EURUSD 4-hour chart

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