EURUSD Spikes Past 1.1800 Level Amid Optimism on US Election Result

EURUSD Price Analysis – November 5

The buying bias remains on the EURUSD as it spikes for yet another session lifting the pair to a new weekly high past the 1.1800 level. Amid optimism on the markets, buyers cheer the prospects of a decisive result in the US elections.

Key levels
Resistance Levels: 1.2011, 1.1917, 1.1808
Support Levels: 1.1760, 1.1612, 1.1495
EURUSD Long-term Trend: Bullish
As seen in the daily chart, given the lack of RSI oversold conditions, coupled with the pair’s failure to break through key upside barriers at 1.1838, sellers are likely to regain control, targeting 1.1760 as immediate support.

More broadly, the rise from 1.0635 is seen as the third cycle of the trend from 1.0339 (low). Hence, a further rally towards the cluster resistance at 1.2011 is anticipated. This may stay the preferred option as long as the 1.1422 resistance turned into support is held.
EURUSD Short-term Trend: Bullish
EURUSD intraday bias altered bullish with the current rebound. Another decline may stay moderately favorable with the 1.1880 resistance level remaining. The breakdown of the 1.1612 level will restart the corrective decline from the 1.2011 level.

The next goal is a 38.2% recovery from 1.0635 to 1.2011 at 1.1495 levels. On the other hand, the breakout of the 1.1880 level will be the first sign that the correction from the 1.2011 level has ended. The intraday bias once again will try to climb to 1.1880 for validation.

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