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05.11.202017:30 Forex Analysis & Reviews: EUR/USD outlook for November 5

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Speculative interest keeps selling the greenback ahead of the final result of the US presidential election, with the EUR/USD trading well above the 1.1800 level.

The EUR/USD on the daily chart reversed strongly to the upside from a failed breakout below the key support (1.1620) of the 4-month trading range. The bulls see this as a double bottom in a bull flag pattern. The 2-days rally has been very strong. It should attract profit-taking soon that could lead to a 50 to 100-pip pullback.

The bulls want a strong breakout above the October swing high (1.1860) and will carve a path to the September high at 1.1935 of the 4-month range. The risk is skewed to the upside, although the election's noise may well trigger a U-turn in the current risk-on stance. The focus remains on the US presidential election, as a winner has not been announced yet.

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