Technical levels following the Trump victory/the GOP run | Forexlive

Pres. Trump blazed through the Presidential election and a new era begins. With control of the Senate and the House still up but leaning to the GOP too, the door is wide open for the administration for deregulation, smaller government, lower taxes. The theme is to grow the economy through the private sector with fingers crossed that the deficits are reduced in the process. There will be a reallocation of jobs. There will be people leaving the country. There will be tarriffs. How that and more works itself out as the spaghetti gets shuffled around the plate is unknown, but the mandate is there..

My wish is “go at it” but stop the rhetoric and vitriol. I am too old. I am tired. Unite.

Meanwhile, buckle up.

Yields are higher with the 10-year up 16.3 basis points. Stocks are sharply higher with the S&P up 2.32%, and the Nasdaq up 1.73%.

The good news is the prices moved, the pictures (charts) show the reaction and traders focused on risk, can find risk-defining levels to get through the uncertainty. The process remains the same… technically.

EURUSD: The EURUSD moved higher before the results started to trickle in. The price moved up to test the 100-day MA and the 38.2% of the move down from the September high. The price moved lower, first breaking below the 200 day MA at 1.08687 and then the 100-bar MA on the 4-hour chart at 1.08403. That opened the door for more selling with the lows from the last few weeks and swing area between 1.0760 to 1.07767. The selling continued with the price rebounding back to the high of the swing area in the process, but selling resumed. The price moved lower again and trades near the lows. Those lows are near the triple bottom from mid to late June between 1.0665 to 1.0670.