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  • The USD is recovering lost ground as the probability of Democratic House continues to slide.
  • The EUR/USD has backed off from session highs and is currently trading largely unchanged on the day.

The EUR/USD dropped 70 pips from the session high of 1.1473 to 1.1398 in the last few minutes on the falling probability of the Democrats taking control of the House.

FiveThirtyEight now sees only 50 percent probability of a Democratic House, down substantially from  90 percent probability seen approximately 40 minutes ago. As a result, the greenback, which took a beating earlier today, is on a recovery mode.

A Democrat victory in House is seen constraining Trump administration and is, therefore, being treated as a dollar-negative outcome by markets.  

At press time, the EUR/USD is trading at 1.1430.

EUR/USD

Overview:
       Last Price:  1.1414
       Daily change:  -4.0  pips
       Daily change:  -0.0350%
       Daily Open:  1.1418
Trends:
       Daily SMA20:  1.1453
       Daily SMA50:  1.1557
       Daily SMA100:  1.1586
       Daily SMA200:  1.1857
Levels:
       Daily High:  1.1438
       Daily Low:  1.1392
       Weekly High:  1.1456
       Weekly Low:  1.1302
       Monthly High:  1.1625
       Monthly Low:  1.1302
       Daily Fibonacci 38.2%:  1.142
       Daily Fibonacci 61.8%:  1.1409
       Daily Pivot Point S1:  1.1394
       Daily Pivot Point S2:  1.1369
       Daily Pivot Point S3:  1.1347
       Daily Pivot Point R1:  1.144
       Daily Pivot Point R2:  1.1462
       Daily Pivot Point R3:  1.1487