EUR/USD analysis for November 13 2020 – Strong rejection of the key pivot resistance at 1.1830 and potential for downside
Latest data released by Eurostat – 13 November 2020
GDP -4.4% vs -4.3% y/y prelim
Little change to the initial releases as this just reaffirms the strong bounce back in Q3, though the market focus is on the outlook towards the year-end and the heightened virus situation across the region currently.
For some added context, Eurozone GDP is still 4.4% below pre-pandemic levels after the boost seen in Q3 as per the above.
Analyzing the current trading chart of EUR , I found that there was the strong rejection of the pivot resistance at 1,1830, which is strong sign of the selling power.
Watch for selling opportunities with the targets at 1,1740 and 1,1630
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Ethanol and VIX and on the bottom Lean Hogs and Canola.
Support levels: 1,1740 and 1,1630
The material has been provided by InstaForex Company – www.instaforex.com