EUR/USD Weakness Should Continue
USD strength after Trump’s win on election, continues to dominate the market. US Dollar Index is rising, EUR/USD is falling as hopes for the Donald Trump’s promise that he will ditch current policy in favor of a high-spend, low-tax regime are going strong.
The EUR/USD finally hit 1.0800 flat and below and is currently targeting 1.0749 and 1.0596 if we see a 4h close below 1.0700. The pair is riding the descending trend line, and that is the indication of a strong trend. In case of retracement for a new short entry, pay attention to 1.0870-85 (previous breakout point, bearish order block) and 1.0985-1.1100 on a deeper retracement (H3, WPP, EMA89, X cross ™. Targets for short trades in case of retracement are 1.0800, 1.0722 and 1.0596.
Daily technical analysis is written by Nenad Kerkez, a senior analyst at Admiral Markets