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US Dollar May Recover Even If Market Mood Remains Upbeat

November 16, 2020

Daily Market Analysis

November 17, 2020

US Dollar May Recover Even If Market Mood Remains Upbeat

November 16, 2020

Daily Market Analysis

November 17, 2020

Published by CF Merchants on November 16, 2020

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EUR/USD grinds its way lower despite upbeat vaccine news

EUR/USD is shedding ground, falling toward 1.18 despite the upbeat market mood. Moderna reported 94.5% efficacy in ts coronavirus vaccine. Stocks are rising but the dollar is stable. Covid cases continue rising on both sides of the Atlantic.

The EUR/USD pair keeps trading within familiar levels, giving up but not yet bearish. The 4-hour chart shows that it holds above directionless moving averages, as technical indicators turn lower, the Momentum holding on to positive territory, and the RSI piercing its midline. Further declines will be more likely on a break below 1.1790, the immediate support, although a relevant breakout is out of the table at the time being.

Support levels: 1.1740 1.1695 1.1650

Resistance levels: 1.1840 1.1885 1.1920

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