EUR/USD analysis for November 19 2020 – Breakout of the 2-day balance to the downside and potential for test of 1.1700
- Trends selling prices -8 vs 0 expected
- Prior 4
UK manufacturing orders is seen declining at a quicker pace in November, with order books seen softening again amid more lockdowns across the region. Of note, output volumes have declined to their slowest pace in over a year, according to CBI.
The CBI readings are a survey on manufacturers to rate the level of volume for orders expected during the next 3 months.
Analyzing the current trading chart of EUR/USD, I found that EUR broke the inside day formation to the downside and i see further downside movement on this currency pair.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Ethanol and Orange Juice today and on the bottom Natural Gas and Lumber.
Support levels: 1,1700 and 1,1625
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