DAILY NOTION - FXEMPIRE - EUR/USD Forecast - Nov 19, 2020

EUR/USD faced strong resistance at 1.1880 and declined closer to the support at 1.1830.

EUR/USD failed to settle above the resistance at 1.1880 and pulled back while the U.S. dollar gained some ground against a broad basket of currencies.

The U.S. Dollar Index did not manage to get below the support at 92.10 and gained some upside momentum. Currently, it is trying to settle above the resistance at 92.50. If this attempt is successful, the U.S. Dollar Index will move towards the resistance at 92.80 which will be bearish for EUR/USD.

What's next?

EUR/USD made several attempts to settle above the resistance level at 1.1880 but did not manage to gain sufficient upside momentum and declined closer to the nearest support level at 1.1830.

If EUR/USD settles below the support at 1.1830, it will move towards the next support level at 1.1800. The 20 EMA is located at 1.1815 so EUR/USD will likely get material support in the 1.1800 – 1.1830 area.

In case EUR/USD declines below the support at 1.1800, it will get to the test of the 50 EMA at 1.1785. A move below the 50 EMA will likely present a major problem for EUR/USD bulls as the previous move below the 50 EMA turned into a sell-off which pushed EUR/USD towards 1.1600.

On the upside, the nearest resistance for EUR/USD is located at 1.1880. If EUR/USD gets above this level, it will head towards the next resistance at 1.1910. A successful test of this level will open the way to the next resistance at 1.1965.

Original analysis: https://www.fxempire.com/forec...