ASIAN MARKET

EUR / USD can challenge 2 year resistance. Budget discussions are progressing


Election 2020, EUR / USD, Presidential Debate, EUR / USD Analysis, Poll Data – Talking Points

  • Third presidential debate ahead – will there be more clarity this time around?
  • Democrats, Republicans advance on budget negotiations, raising sentiment
  • EUR / USD could challenge the 2-year resistance zone between 1.1936 and 1.1965

13 DAYS UNTIL THE UNITED STATES PRESIDENTIAL ELECTION

There are officially less than two weeks until the November 3 election and polls continue to show Democratic candidate Joe Biden in the lead. However, the gap between him and incumbent President Donald Trump narrowed somewhat after it erupted after the first presidential debate. Looking ahead, the markets will follow closely on the third and final Thursday.

2020 U.S. election polls

Graphic showing the 2020 election

Source: RealClearPolitics

Budget negotiations continue to dominate market sentiment as policymakers scramble to introduce legislation. Speaker of the House Nancy Pelosi said the two sides were “closer to the possibility of putting a pen on paper to draft legislation“. The big question remains whether another stimulus bill can be passed ahead of the November 3 election, with issues such as helping local governments and protecting corporate liability prolonging negotiations.

The third and final Presidential Debate arrives in less than 36 hours, and the Non-Partisan Committee on Presidential Debates (PCD) has made an interesting new amendment. The organization said that while each candidate is speaking, they will mute the other candidate’s microphone to ensure that each has enough time to deliver their message.

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EUR / USD analysis

EUR/USD rebounded from the previously broken support range of 1.1698-1.1720 and can now challenge the 2yr resistance zone between 1.1936 and 1.1965. The surrender could signal an underlying lack of confidence in the pair’s upside potential – at least in the near term. On the other hand, breaking this multi-level cap could signal the start of a bullish recovery.

EUR / USD – Daily chart

Chart showing EUR / USD

EUR / USD chart created using TradingView

— Written by Dimitri Zabelin, Currency Analyst for DailyFX.com

Contact Dimitri, use the comments section below or@ZabelinDimitrisure Twitter



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