DAILY NOTION - FXEMPIRE - EUR/USD Forecast - Nov 20, 2020

EUR/USD is trying to settle above the nearest resistance level at 1.1880.

EUR/USD is once again testing the resistance at 1.1880 while the U.S. dollar is moving lower against a broad basket of currencies.

The U.S. Dollar Index gained downside momentum and is trying to get to the test of the nearest support level at 92.10. If the U.S. Dollar Index settles below this level, it will head towards the next support at the yearly lows at 91.75 which will be bullish for EUR/USD.

What's next?

EUR/USD continues its attempts to settle above the nearest resistance level at 1.1880. In case EUR/USD manages to get above this level, it will head towards the major resistance level at 1.1910.

A successful test of the resistance at 1.1910 will open the way to the test of the next resistance at 1.1965. If EUR/USD settles above the resistance at 1.1965, it will move towards the psychologically important resistance level at September highs at 1.2000.

On the support side, the nearest support level for EUR/USD is located at 1.1830. If EUR/USD declines below this level, it will head towards the next support level at 1.1800 although it may also get some support at the 20 EMA at 1.1820. In case EUR/USD gets below the support at 1.1800, it will test the 50 EMA at 1.1790.

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