FX.co ★ EUR shows range trading ahead of US midterm election

EUR/USD

The euro is seem to be trading in the 0.9750-1.0050 range.

Expectations that the ECB may raise the interest rate by 0.75% at the next meeting provide support for the euro although the currency is now hovering around its all-time lows against the dollar.

At the same time, the instrument has strong resistance on its way. Indeed, the US Federal Reserve is likely to remain aggressive. The regulator is anticipated to lift interest rates by 0.75% or at least 0.5% in December.

Therefore, we may observe such a price range on the chart.

Final thoughts:

Consider selling EUR at 1.0050, the upper limit of the range, and above.

Likewise, it will be possible to go short after a breakout through today's low.