FX.co ★ EUR/USD analysis for February 05, 2021 - Overbought intraday condition and potential for downside towards 1.1955

For some context, the resolution here would clear the path for Biden's stimulus plan to pass if there is only a simple majority instead of going with the 60-vote threshold for most legislation to be passed in the chamber.

That said, there are some caveats as the bill will have to keep below $1.9 trillion in any case and not include non-fiscal provisions or otherwise the filibuster comes into play.

Further Development

Analyzing the current trading chart of EUR/USD, I found that the buyers got exhausted today and the downside continuation is very likely to happen.

Price reached upper Bollinger band, which is another sign of overbought condition...

Key Levels:

Resistance: 1,2000

Support levels: 1,1970 and 1,1953.