FX.co ★ Forecast for EUR/USD on November 9, 2022

In the elections to the US Congress, the "red revolution" (Republican control of both chambers), as we thought, is not happening. In the elections to the Senate – to the main house of Congress, the Democrats are leading – 48 seats against 47 for Republicans (you need to get control of 50 seats), the Democrats are lagging behind in the lower house - 162 seats against 193 for Republicans. Control of the House of Representatives will occur when 218 seats are reached. The results will be announced later in the evening. In the current elections, as they write in American newspapers, the counting of votes will be delayed.

Meanwhile, the euro managed to go above the upper limit of the price channel. The target range of 1.0100/30, taking into account fluctuations, is almost reached. Now the price has to choose one of the options: overcome the range and continue to rise to 1.0205, or return to the downward price channel with the support of 0.9950 being reached. The price channel in this case will be eliminated. We noted earlier that the programs of both competing parties are at least indirectly aimed at strengthening the dollar, so the factor of today's elections will quickly fade away as a typical psychological moment.

There are no signs of growth or reversal on the four-hour chart. But this is an indicator of market neutrality. We are also in no hurry to get ahead of events, keeping both scenarios in mind.