Walter Vannelli, forex expert and professional trader, notes that the dynamics of the EUR / USD currency pair, caused by the US presidential elections, is fading away. In recent days, the rate has been in the corridor between 1.17 and 1.18.
EUR/USD Is Flat, Election Rally Is Over #Eur/usd flat here inside 30m trading range 1.1799/1.1833....zzzzzzzzz Walter Vannelli via Twitter
Michael Boutros, trader and technical strategist at DailyFX, also points out to the weakening of the euro rally over the course of election week. After a rapid surge, the euro falls more than 0.9% off the weekly highs, which suggests that the currency failed to break through the resistance level and gain a foothold above it, giving bearish signals.
#Euro Outlook: $EURUSD Breakout Fails Resistance- #Election Rally Over? Michael Boutros via Twitter
At the same time, it should be noted that the Euro trader sentiment chart shows a significant increase in the number of open short positions in the currency pair, over the past few weeks of trading, long positions have decreased from 50% to less than 30%.