EUR/USD Breaks Higher After Democrats Sweep Congress

EUR/USD technical analysis shows the euro rebounding off long-term support as the U.S. dollar weakens after the U.S. midterm election results. Michael Boutros, StoneX Media Senior Market Analyst, walks through EUR/USD on the monthly, weekly, daily and four-hour charts and maps the support and resistance zones framing the euro dollar rally. EUR/USD support rests on a 38.2% retracement of the entire 2022 advance, prior weekly closing pivots and a 20-pip zone that held through October, while the 2023 swing high marks the first resistance. Friday's U.S. nonfarm payrolls report is the next major event risk for the U.S. dollar, where a weaker print may weigh further on the greenback. Eurozone inflation data showed headline inflation ticking up to 4% while core held at 2.5%, keeping inflation concerns alive. Markets are pricing an 81% chance of a Federal Reserve rate hike in December, putting the jobs data at the center of the Fed outlook. 00:00 - Dollar Slips, EUR/USD Rallies 00:31 - EUR/USD Support Holds Firm 01:38 - A 20-Pip Floor All October 02:10 - The Post-Election Breakout 03:23 - Eurozone Inflation Heats Up 03:44 - Payrolls Test Fed Hike Odds Discover Actionable Insights with the latest Market Outlook Reports: https://intel.stonex.com/offer?language=en&campaignId=A908C315-DC62-4F35-AC16-870BB71E84D1&utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_michael_boutros&utm_content=share Like and subscribe for more financial market insights. #EURUSD #StoneX #MichaelBoutros #Forex --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social