EUR/USD reverses and turns negative under 1.1950

The EUR/USD turned to the downside during the American session amid a recovery of the US dollar across the board and as equity prices in Wall Street p  |  30/11/2020 17:28
  • Euro reverses versus the US dollar and turns negative from three-month highs.
  • EUR/USD still heads for the best month since July.

The EUR/USD turned to the downside during the American session amid a recovery of the US dollar across the board and as equity prices in Wall Street printed fresh lows. The pair bottomed at 1.1942. As of writing it is hovering around 1.1945, having the worst loss in a week.

The DXY erased losses and rebounded from multi-year lows above 91.80, now positive for the day. In Wall Street, the Dow Jones is falling by more than 1% while the Nasdaq drops by 0.55% after spending most of the time in positive territory.

Still EUR/USD and equity prices are about to end November with considerable gains, supported by the improvement in risk sentiment on COIVD-19 vaccine developments, the outcome of the US elections and the latest round of economic data.

From a technical perspective, EUR/USD still holds bullish tone but in the very short-term it lost momentum. After approaching 1.2000, the euro turned to the downside, suggesting some potential exhaustion on the upside. If it holds above 1.1900, the bullish bias will remain intact while a decline under 1.1900 would increase the odds of a short-term peak.

Technical levels

 

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