EUR/USD Technical Analysis as Trump Wins the U.S. Elections; Profit of 120pips Locked

U.S. Presidential Elections are about to end with Donald Trump the 45th President of the Unites States. His foreign policy and his plan to overhaul Federal Reserve scares investors creating a tremendous shock in the forex market while the uncertainty will dominate the market in the next few days.

The euro surged to a 2-month high against the U.S. dollar during the Asian session, following the aggressive rally which started from 1.0990, amid U.S. election procedure. The EUR/USD pair challenged the 1.1300 strong psychological resistance level and broke the descending trend line, which started back in May, to the upside.

On our yesterday’s technical analysis, we recommended an entry level at 1.1160 with a second target at 1.1280 which was hit early this morning locking a profit of 120 pips! The price surged more than 2% overnight and rose 310 pips.

Technically, the common currency surpassed above the three SMAs (50-SMA, 100-SMA, and 200-SMA) on the daily chart while the technical indicators are following an upward path with strong momentum. The RSI indicator is moving slightly below the 70 level after the rebound on its mid-level. The MACD oscillator has just entered the positive territory endorsing the bullish attitude on price.