EURUSD Makes a Move of 1.1900 but U.S. PMIs Await

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Written By: Kevin George

Nov 23, 2020, 13:16 GMT 13:16

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Summary:

EURUSD was trading above 1.1900 on Monday as the pair tries to get back to the 2020 highs at 1.2000 but U.S. PMIs could stop that move in its tracks.

EURUSD was trading above 1.1900 on Monday as the pair tries to get back to the 2020 highs at 1.2000. This afternoon’s U.S. PMIs could stop that move in its tracks.

The Markit Manufacturing PMI is expected to come in with a reading of 53.0 versus last month’s 53.4 but a better-than-expected figure could give the greenback a much-needed boost. Traders ignored the stronger PMI numbers from the U.K. earlier today, but this will be due to expectations for a further slowdown from the ongoing lockdowns in Britain.

The U.S. election is still not clarified officially and this will be a support for the Euro with the Trump legal team now looking at a Supreme Court visit for its challenge. The market has priced in a Biden win and any threat to that would bring further volatility in the EURUSD.

EURUSD Technical Outlook

EURUSD is testing the 1.1900 resistance level on Monday after grinding higher from November 11th. If the pair can find support above here then the 1.2000 level should be harder. Traders may want to await the action there because of the limited upside. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.

EURUSD Daily Chart

Written By: Kevin George

Kevin George has over twelve years' experience in financial markets trading, which included stints in London and New York, trading equities and currencies. He has also traded in commodities, equities, futures and options. He has extensive technical-experience and combines this with a fundamental overview. He has published for SeekingAlpha, where he runs his own subscriber newsletter and graduated with an MSc in finance in 2017.