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04.11.202009:31 Forex Analysis & Reviews: Trading plan for the EUR/USD pair on November 4. COVID-19 and the US presidential elections. The euro is experiencing a high trading volatility.

Exchange Rates 04.11.2020 analysis

COVID-19: The United States has again recorded almost 95 thousand new coronavirus cases. Aside from that, deaths caused by the virus have also increased very sharply.

The same problem is observed in Europe as well, thus, most European countries have again implemented quarantine, which puts pressure both on the euro and oil.

US elections: As of the first counting of votes, Biden is on the lead, having 224 electoral votes, while Trump has 213. This just means that both candidates still have a chance of winning (270 votes is needed to win the race).

Exchange Rates 04.11.2020 analysis

EUR/USD - During the night of the US elections, the euro experienced sharp jumps in the market, which is actually not typical for the currency. But by the European session, the situation seems to have calmed again.

Open short positions from 1.1785.

Open long positions from 1.1770

New shorts can be opened if the euro consolidates below 1.1610

Next week, the market will be driven by the Fed's decision on monetary policy, as well as by the latest US employment reports.

*Účelem zde zveřejněné analýzy trhu je zvýšení vašeho povědomí, nikoli dávání pokynů k obchodování.

Jozef Kovach,
Analytický expert
InstaForex Group © 2007-2021
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