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EUR/USD looks to gather traction above 1.1400

  • The pair moves higher and briefly tests tops near 1.1420.
  • The greenback keeps the sideline theme in the 96.40/30 band.
  • US mid-term elections grabbing all the attention today/tomorrow.

EUR/USD is prolonging the sideline theme during the first half of the week, looking to advance further north of the 1.1400 handle.

EUR/USD looks to US politics

The pair looks rangebound/cautious ahead of the US mid-term elections, where prior surveys point to a divided Congress, with the Republicans controlling the Senate and the Democrats in control of the House of Representatives.

In the meantime, the US-China trade dispute remains in centre stage along with Brexit headlines, all poised to drive the sentiment among traders in the near term horizon.

In the data space, final October Services PMIs in Euroland are due, seconded by Producer Prices in the region during September. In the US calendar, the IBD/TIPP index is due along with JOLTs Job Openings for the month of September.

EUR/USD levels to watch

At the moment, the pair is losing 0.03% at 1.1405 and a break below 1.1372 (low Nov.2) would target 1.1334 (low Oct.26) en route to 1.1316 (200-week SMA). On the flip side, the next hurdle emerges at 1.1458 (high Nov.2) seconded by 1.1508 (low May 29) and finally 1.1550 (high Oct.22).

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