EUR/USD: Ready To Crack The Double-Top? Georgia Elections Are Critical

Outgoing President Donald Trump continues his campaign to overturn the election results and that also worried investors. However, his attempts will likely end when Congress certifies Biden’s win in a special session on Wednesday.

The US ISM Manufacturing Purchasing Managers’ Index is set to remain at an elevated level, showing strength in the industrial sector. The employment component is eyed as the first hint toward Friday’s Nonfarm Payrolls.

Overall, after a down day, the mood may improve and push EUR/USD higher. 

EUR/USD Technical Analysis

(Click on image to enlarge)

Euro/dollar is trading above the 50, 100 and 200 Simple Moving Averages on the four-hour chart but momentum turned marginally to the downside.

Some resistance was at the daily high of 1.2280. It is followed by the critical double top of 1.2310. Above that level, the stretch target for the pair is 1.24.

Support is at 1.2240, the daily low, followed by 1.2210, a swing low in the late hours of 2020. Further down, 1.2175 awaits EUR/USD.

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