FX.co ★ 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

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.

Key Levels:

Resistance: 1,1840/50

Support levels: 1,1700 and 1,1625