The EURUSD moved higher before the results of the election started to trickle in. The price moved up to test the 100-day MA and the 38.2% of the move down from the September high.
The price moved lower as results came in, first breaking below the 200-day MA at 1.08687 and then the 100-bar MA on the 4-hour chart at 1.08403. That opened the door for more selling with the lows from the last few weeks and swing area between 1.0760 to 1.07767. The selling continued with the price reaching a low of 1.0681 about 11-14 pips short of triple lows from back in June.
The price rebounded to 1.0739. That is still short fot eh swing area above between 1.0760 and 1.07767.
GOing forward, I would expect resistance against the aforementioned swing area with stops if the price can move above 1.07767.
Absent that, and the sellers are more in control with support near the 1.0670 bottoms. .
This article was written by Greg Michalowski at www.forexlive.com.
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