EUR/USD analysis for November 19 2020 – Breakout of the 2-day balance to the downside and potential for test of 1.1700

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EUR/USD analysis for November 19 2020 - Breakout of the 2-day balance to the downside and potential for test of 1.1700

EUR/USD analysis for November 19 2020 – Breakout of the 2-day balance to the downside and potential for test of 1.1700


Prior -34

  • 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.


Further Development

EUR/USD analysis for November 19 2020 - Breakout of the 2-day balance to the downside and potential for test of 1.1700

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

analytics5fb66d65609de.jpg

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.

Key Levels:

Resistance: 1,1840/50

Support levels: 1,1700 and 1,1625

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.fx.co/forex_analysis/quickview/195992/