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EURUSD: price hits 45-degree angle

The EUR USD pair trended lower on Monday, October 12. The euro shed 0.16% against the US dollar to 1.1810. During the European session, the single currency slipped to 1.1787, from which the price action recovered to 1.1817. The euro and other major currencies rose against the dollar amid a rally in US equity indices. The S&P 500 and the Nasdaq were led higher by the tech sector. Standout advancers included Apple (+6.35%), Amazon (+4.75%), and Facebook (+4.27%).

Pressure on key pairs resumed in Asian trading on Tuesday. S&P 500 futures are pointing higher, whereas rates of major currencies are in decline. House Speaker Nancy Pelosi rejected the latest proposal from the Trump team. She claims that the White House proposal on Covid-19 relief is “one step forward, two steps back”.

Todays macro agenda (GMT+3)

  • 12:00 Germany: ZEW economic sentiment index (October)
  • 15:30 US: CPI (September)
  • 17:00 BoE Bailey speech
  • 21:00 US: monthly budget execution and staffing report (September)
1

Current outlook

On Monday, the price did not reach Gann’s 45-degree angle. Sellers were only able to approach this point today. The pair fell to 1.1778. The trend line goes through the 1.1773 level. Given that the price action dropped through an upward correction to 1.1717, there is a risk of a retreat under the trend line.

White House chief of staff Mark Meadows, in a letter to Congress on Sunday, urged lawmakers to vote for a separate Paycheck Protection Program (PPP). Judging by the behavior of the Democrats and the Joe Biden’s growing lead over Donald Trump in the polls, we do not expect the relief bill to be passed before November 3.

Buyers should be on the lookout for a rebound after 8 am GMT. A rebound to 1.1815 could pave the way back to 1.1850. If US index futures turn negative during European trading, the dollar can be expected to lock in gains amid the recent imposition of pandemic containment measures.

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