EUR/USD: Unlikely to see a steeper decline

EUR/USD eases within range, currently trading around 1.2270, as the pair is losing bullish strength but holding on to gains. According to FXStreet’s Chief Analyst Valeria Bednarik, buyers are set to take their chances on dips.

Key quotes

“The mood is cautious ahead of the outcome of the US Georgia Senate election. Senate majority comes down to this particular race as Republicans hold 50 seats while Democrats clinched 48. Should Democrats win the two chairs, the advantage will be for them, as Vice-president Kamala Harris will become the leader of the organism and the tier-breaker.”

“The risk is skewed to the downside, although chances of a steeper decline are quite limited. Instead, buyers will likely take their chances at lower levels.”