FX MARKET REPORT 03.11.2020

FX MARKET REPORT 03.11.2020

FX MARKET REPORT 03.11.2020

Daily Commentary
FX MARKET REPORT 03.11.2020
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FX MARKET REPORT 03.11.2020

GBP/USD eyes a firm break above 1.2933 for bulls to take over. Potential falling wedge formation spotted on the hourly chart. Hourly RSI stays bullish, as all eyes remain on the US election. Cable’s decline does not rule out a potential retracement to the 1.2845 level in the next weeks. EUR/USD leaves behind the recent pessimism and retakes 1.1670. European markets opened Tuesday’s session with decent gains.  US presidential elections will be the salient event on Tuesday/Wednesday. After bottoming out in the vicinity of the 1.1600 mark, EUR/USD appears to have met some buying interest and advances to the 1.1670 area, or 2-day highs.  The dollar weakened in early European trade Tuesday, giving up some earlier gains, as traders look for a more neutral position ahead of the U.S. presidential election. The dollar index was down 0.2% at 93.915 while USD/JPY fell 0.1% to 104.56.

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GBP/USD eyes a firm break above 1.2933 for bulls to take over. Potential falling wedge formation spotted on the hourly chart. Hourly RSI stays bullish, as all eyes remain on the US election. Cable’s decline does not rule out a potential retracement to the 1.2845 level in the next weeks. EUR/USD leaves behind the recent…

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