EUR/USD Price Analysis: The 55-day SMA near 1.1780 caps the upside

• EUR/USD trades in a volatile note between 1.1780 and 1.1600
• The pair meets support in the 1.1600 neighbourhood so far.

EUR/USD navigates quite a wide trading range on elections day, leaving the very near-term price action depending exclusively on the outcome of the US elections.

In the meatime, a move north of the 55-day SMA near 1.1780 is seen supportive of extra gains and a potential visit to the October peaks around 1.1880. On the opposite side, monthly lows near 1.16 the figure (November 3) are seen holding occasional bearish moves.

Looking at the broader scenario, the constructive stance on EUR/USD is expected to remain unchanged while above the critical 200-day SMA, today at 1.1323.

EUR/USD daily chart