EURUSD consolidation and breakout points ahead of the US Mid Term Elections.

The EURUSD is trading about 100 pips from key support at the 1.1300 level which was aggressively defended last week. However, a downtrend line and previous support (early October) is capping the rally thus far. This also coincides with the 23.8% retracement at 1.1423. Following the US mid term elections, a move above the 1.1450 or below the 1.1300 level may define the trend for the following weeks in the EURUSD. Intraday in addition the pair managed to find support at the 1.1358 level which was a 61.8% Fibonacci retracement.

EURUSD consolidation

Blake Morrow