At least the foreign exchange market is standing still, although, it seems, the epic with the presidential elections in the United States has come to its logical end. With the ballots still being counted, Joseph Biden had enough votes to declare himself the new president-elect of the United States. Donald Trump does not agree with this, and, on the one hand, indicates that it is necessary to wait for the final counting of votes, and on the other, is preparing more and more new lawsuits demanding to suspend the counting of ballots. For the most part, Trump insists that ballots that arrived after polling stations closed cannot be counted. So the fight is still ongoing, and, apparently, the final point will be set in the courtroom. It is difficult to call such a development of events positive. More precisely, not at all. The most important thing is that it prolongs the state of uncertainty, which has already dragged on. So in any case, this puts serious pressure on the dollar.
It is clear that few people are interested in any macroeconomic statistics until all this mess with the elections is over. However, the content of the United States Department of Labor report that was released last Friday was excellent. The unemployment rate fell from 7.9% to 6.9%, although it was expected to decline to only 7.7%. At the same time, outside agriculture, instead of 510,000, 638,000 new jobs were created. In other words, the labor market continues to recover. And this process is proceeding much faster than expected. Nevertheless, the endless counting of votes overshadows absolutely everything. This will continue today. Moreover, the macroeconomic calendar is completely empty.
Unemployment rate (United States):
The EURUSD pair continues to follow the upward trend, as a result, the quote overcame the variable stagnation of 1.1795/1.1860 and headed towards the 1.1900 level, where another stagnation occurred in the form of consolidation. In fact, the market, as before, is in the stage of local sales of the US dollar.
If we proceed from the quote's current location, we can see that it could consolidate within the range of 1.1875/1.1895, where speculators are preparing for new jumps.
Acceleration is recorded in relation to last week's market dynamics, which is confirmed by the high coefficient of speculative transactions.
Looking at the trading chart in general terms (daily period), you can see the inertial upward price movement on a scale of more than 270 points.
We can assume that the information background will continue to put pressure on market participants, where the variable range of 1.1875/1.1895 will serve as a catalyst for trading forces in new market surges. The most optimal trading tactic is the breakout of the established boundaries.
From the point of view of a comprehensive indicator analysis, we see that the indicators of technical instruments signal a buy due to the inertial move and getting the price to settle above 1.1875.
