EUR/USD drops 70 pips from session highs on the falling probability of the Democrat majority in the House

• 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