U.S. Midterm Elections: Tight Race

The U.S. dollar weakened against other counterparts while investors await results from the U.S. midterm elections. Early tallies showed the outcome will be closer than expected. For the dollar to find support the Democrats need to keep control of both the House and the Senate.

EUR/USD

The euro traded around the parity level and any price breakouts either above 1.01 or below 0.99 will attract our attention. Above 1.01 a higher target will be at 1.0180. Below 0.9870 a lower target will be at 0.98.

GBP/USD

As long as the cable remains below 1.16, we favor the downtrend with a next lower target seen at 1.1250. Above 1.1650 however, we will pencil in a higher target at 1.1850.

Our trading ideas for today 9/11/22:

EUR/USD

Long @ 1.0090

Short @ 1.0040

GBP/USD

Long @ 1.1565

Short @ 1.1520

DAX® (GER40)

Long @ 13660

Short @ 13560

Settings for all trades today: Entries from 8:00 am UTC, SL 25

Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.