- The EUR / USD remains on offer and retakes the 1.1850 area.
- Democrat Joe Biden maintains the advantage over President Trump.
- US Non-Farm Payrolls will get all the attention on the US calendar.
Buying interest around the single currency remains good and solid this Friday, pushing EUR / USD to fresh 2-week highs at 1.1865.
EUR / USD pending elections and data
The EUR / USD advanced for the fourth consecutive session and almost completely recovered the liquidation of last week. In fact, the cross gains more than 2 cents from Wednesday’s monthly lows in the neighborhood of 1.1600, always thanks to the strong improvement in the risk complex.
Indeed, riskier assets extend the rally against the backdrop of rising hopes for a Biden victory, with the vote-counting process still underway in six states, including Pennsylvania and Georgia.
Meanwhile, the improved mood associated with risk seems to have overshadowed the recent publication of the European Economic Forecast Autumn 2020, who expect the region to contract 7.8% this year and expand 4.2% in 2021.
On the euro agenda, the French trade deficit fell to 5.8 billion euros in September, Spanish industrial production contracted 3.4% year-on-year until September and Italian retail sales fell 0.8% monthly in the same month.
The US calendar looks much more interesting with the release of the Non-Farm Payrolls for October (with 600,000 jobs expected).
EUR / USD Levels
At the time of writing, the pair is up 0.32% on the day at 1.1864. A break above 1.1880 (October 21 high) will lead to resistance 1.1917 (September 10 high), en route to 1.1965 (August 18 monthly high).
On the downside, the next support awaits at 1.1781 (55-day SMA), followed by 1.1709 (Fibo from the 2017/2018 rally) and 1.1602 (November 4 low).
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Credits: Forex Street
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