FXOpen
Early results in the U.S. presidential election indicate a lead for the Republican candidate.
A potential Trump victory is seen as favourable for the U.S. dollar, based on Donald Trump's plans to:
→ increase tariffs on key U.S. trading partners;
→ stimulate domestic business and support small-cap companies.
Additionally, the Trump administration may influence the Federal Reserve's rate policies, potentially leading to rate cuts as anticipated earlier.
The forex market has responded with a stronger U.S. dollar, especially against the euro.
On 21 October, an analysis of the EUR/USD chart indicated potential support from:
→ a major trendline (shown in blue);
→ the psychological level of 1.0800.
The price indeed rebounded upwards from this area (shown by an arrow), but recent news has sparked a bearish impulse, bringing EUR/USD below the key trendline today.
It’s possible this bearish momentum could continue, potentially keeping EUR/USD below the 1.0800 level.
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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
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