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The counting of votes in the United States is not just delayed, but it is becoming a complete farce. The fact is that Donald Trump is filing lawsuits in various courts demanding to stop the counting of votes and to conduct a recount of ballots in a number of states. Moreover, it also turned out that Joe Biden has a group of lawyers ready to challenge the election results in the same courts. Thus, both candidates will not give up without a fight, and the election results can be determined in the court.
It is obvious that everything contradicts all the principles on which the American electoral and political system is built. This system was a so-called guarantor of capital security. At least large investors think so. Thus, it does not matter who wins the election, because everything that is happening calls more important things into doubt. In fact, the very foundations of the global financial system are under threat. So, it is not surprising that the US dollar is still under pressure and losing its positions.
It seems that this state of affairs will remain the same for some time. However, it is still unclear when the situation will change. At the same time, this whole fascinating process pushes the real economic conditions into the background. Yesterday's meeting of the FOMC was completely ingnored. The same fate awaits the report from the US Labor Department that will be published later today.
After a sharp rise during the European trading session, the euro/dollar pair hit the resistance level at 1.1860. After that, it slowed down and entered the range of 1.1795/1.1860. The market is still under strong speculative pressure. That is why there are a lot of local hikes.
According to the pair's location, we can say that it is still hovering within the range of 1.1795/1.1860.
The market dynamic is really high. It exceeds the medium volatility level.
On the daily trading chart, we can see that the pair is confidently advancing from the support level of 1.1600. It looks like an inertial movement.
The news flow is likely to go on weighing on market participants. Sharp market swings are also possible amid fresh news. From the technical point of view, traders should focus on the range of 1.1795/1.1860. The trading strategy is based on a break of either limit.
According to the comprehensive analysis, technical indicators point to buy signals.
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